28 Aug 2020 ● 02:31 PM
Long term Wave counts -
JSW steel is like the BPCL and HPCL case. What do I mean. HPCL is a technical analysts paradise, perfect wave counts nice patterns etc. BPCL the chart is messed up but most Fundamental analysts like to cover it and like it more. Similarly among metals this is the worst nightmare for Elliott wave marking. From the bottom in 2002 every wave is overlapped. I am forced to mark everything even on a quarterly chart as 1-2-1-2-1-2, with no clear third wave yet. Still in 2017 when the metals rally started and no fundamental analyst [that I know] wanted to cover the sector, Motilal oswal put out a report on JSW and the stock has done well since. So I like the sector and discussed JSW under Value wave Investments in 2017 and then never again because of the Wave confusion. Still here is a chart. The channel lines are good because the lower end held a third time this year in 2 decades and I can argue that prices can maybe go to the top end of the channel in a bull market which is near 2000. Will try to post another one on the short term counts as well from the March low later.