After making a final project on Elliott Wave Analysis i was trying it on a stock and found a pattern being formed on JSW steel.
1) corrective wave is formed A-B-C where wave A is divided into five waves and wave B into 3 and wave C is divided into 5 waves again and sub wave 3 is an extended wave divided into 5 sub wave again.
2) So a downtrend seems to be over in this stock and wave 1 of the motive wave is started and wave 2 as well have been seen. The new positive movement can be a start of wave 3.
3) Other alternative counts is as a wave 2 is not yet ended and one can c a downtrend again.
4) If the stock price goes above the price of wave 1 then it can be confirmed that the wave three has been started.
5) Closing above 760-770 on weekly basis can show some positive movement.
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