JINDAL STAINLESS Breaks the Channel – What’s Next?

٧ يونيو

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:

• 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.

٩ يونيو

ملاحظة

Considering wave 5(green) has completed, retracement of 0.236x to 0.382x can be expected.

١٢ يونيو

ملاحظة

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.

١٨ يونيو

ملاحظة

Price has corrected to 0.382 fib level from the high. This could be wave 4. But wave 4 can also be complex, so unless price breaks previous high(730.25) convincingly, we might be hovering around wave 4 zone.