JINDAL STEEL : Anticipation of 5th wave (Dhanteras pick)

The current structure suggests that after the completion of larger degree 4th wave correction , Jindal steel is rising in its 5th wave progression of impulsive move 12345. Of which we have seen a lower degree impulse wave consisting of 5-waves & post that we have also seen a three wave correction as ABC with C as an ending diagonal on lower time frame. As per the current structure one should go long on current levels with SL of 400 & look for the upside targets of 450/500/550/600.


NOTE: if the SL reached then that should be not taken as bearish event. This idea holds good as long as the level of 350 level is maintained.