9 Feb 2021 ● 12:38 PM
Covering J&K bank for old times sake. It was one of the few stocks that got me excited in 1999, much before the next bull market started. Just because I was looking for new stocks. I thought the cycle ended 5 waves in 2008 but as time has proven that was only the 3rd and the ending pattern completed only in 2014. Now the stock went through an entire cycle of 5 waves up and an A-B-C down. The 5th wave in wave C was truncated where it did not make a lower low like many PSU bank stocks. So it may be fair to say that a new impulse wave up started and a long term bottom has been put in place.
The next chart shows the near-term setup where we are in the early stages of wave 3 up developing. 29 and 27 are the moving averages as support and the next major swing high resistance is at 66 near the wave 2 of C high in the first chart above.