Kalyani steels - Is this the end of wave 2?
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Let's assess the maximum drawdown this stock has given in the past from its ATH
24.10% since oct '23 - twice.
39.5 to 44.53% between 2021-2023 - 3 to 4 times
Let's assume today's high as ATH & expect to fall from Monday. Why? Despite huge volume, there is also huge selling pressure at 840. Hence the long wick at the top of the candle. Shooting star candlestick reversal pattern.
Recent drawdown is 24% twice. I assume this is the end of wave 2.
1st wave till Jan 12 '24 (1st swing high after consolidation)
Wave 1 to 2 - Jan 12 - Jan 24 '24 - pullback
Wave 2 to 3 - Big wave Jan 24 till now
Wave 3 to 4 - Pullback. Based on fall history. Let's assume 24%. Drew fib from Wave 2 to 3 to predict. 61.8% fib level comes around 24% fall from ATH which is 685. So from there, final 5th wave could come I guess..If momentum is so high, maybe it could reverse even at 50% fib level ~725.
24.10% since oct '23 - twice.
39.5 to 44.53% between 2021-2023 - 3 to 4 times
Let's assume today's high as ATH & expect to fall from Monday. Why? Despite huge volume, there is also huge selling pressure at 840. Hence the long wick at the top of the candle. Shooting star candlestick reversal pattern.
Recent drawdown is 24% twice. I assume this is the end of wave 2.
1st wave till Jan 12 '24 (1st swing high after consolidation)
Wave 1 to 2 - Jan 12 - Jan 24 '24 - pullback
Wave 2 to 3 - Big wave Jan 24 till now
Wave 3 to 4 - Pullback. Based on fall history. Let's assume 24%. Drew fib from Wave 2 to 3 to predict. 61.8% fib level comes around 24% fall from ATH which is 685. So from there, final 5th wave could come I guess..If momentum is so high, maybe it could reverse even at 50% fib level ~725.
Note
I guess wave 2 ain't over. RSI is on fire. Probably 1179.5 would be the end of wave 2. Profit booked 30.55% of my holdings.Note
Reversal at 866.85 in daily chart. Fib level 23.6% 866. It means super bullish.Note
RK Goyal Managing director expecting 6-7% growth and gave positive outlook in an interview.Iron ore Futures price falls as Chinese steel mills cut output. Iron ore is one of the raw materials of KSL. This is positive for KSL.
Wave 2 to 3 ended on Jan 1. Wave 3 to 4 pullback assumed 24% downfall. Daily chart has shown reversal today. Wave 3 to 4 looks like ended on Mar 12 '24. Hopefully wave 4 to 5 has commenced I believe. Price closing above 970-975 would confirm
Note
Wave 2 to 3 ended on Mar 1. In previous comment, by mistake mentioned as Jan 1...Fib level 50% 819.95 & 61.8% 759.85. Wave 3 should hold any of these supports.
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