After completing a long WXY correction, Jindal Stainless has flipped into a strong uptrend. The price broke above the downtrend channel and also reclaimed the 200-day moving average — confirming strength.
The rally from 504 has unfolded as a nested 1-2, 1-2 impulse, and the wave 5 has now entered its 1 to 1.618 projection zone. We’re likely entering a blue Wave 4 pullback, especially as:
A healthy retracement toward the 661–640 zone can follow.
As long as 633.35 holds, this bullish structure remains intact.
Trend: Bullish
Retracement zone: 661.80 – 640.65
Invalidation: Below 633.35
This is a dynamic setup. Chart will be updated as price action unfolds
Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Please do your own research (DYOR) before making any trading decisions.
The rally from 504 has unfolded as a nested 1-2, 1-2 impulse, and the wave 5 has now entered its 1 to 1.618 projection zone. We’re likely entering a blue Wave 4 pullback, especially as:
- RSI shows bearish divergence
- The rally looks stretched short-term
A healthy retracement toward the 661–640 zone can follow.
As long as 633.35 holds, this bullish structure remains intact.
Trend: Bullish
Retracement zone: 661.80 – 640.65
Invalidation: Below 633.35
This is a dynamic setup. Chart will be updated as price action unfolds
Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Please do your own research (DYOR) before making any trading decisions.
Note
Considering wave 5(green) has completed, retracement of 0.236x to 0.382x can be expected.Note
Update (June 12):Price has reached the 1.618 extension at 732.85, marking a possible Wave 3 top.
A Wave 4 pullback is anticipated, with retracement zones between 691–664.
Structure remains bullish as long as 633.35 holds.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.