Views expressed are based on Elliott Wave Principle.
Kalyan Jewellers has been undergoing correction since 2 Jan 2025 after completing a 5-wave impulse sequence of "Intermediary Degree", thus completing its first "Primary Degree" wave as per Elliott Wave Principle.
The stock has been undergoing correction in the form of double zigzag ("WXY") pattern. In the first zigzag as well as the second, Wave A happened to be large and Wave C happened to be small.
What is a WYX / Double zigzag pattern?
Zigzag is one of the three primary corrective structures with a 5-3-5 sequence, labelled as Wave A, Wave B and Wave C, wherein Wave A and Wave C are actionary waves and Wave B is the counter wave. A double zigzag consists of two zigzags, labelled as Wave W and Wave Y, separated by an intervening counter wave, labelled as Wave Y. This pattern result in deeper correction.
Why buy now?
Wave 5 of Wave C of Wave Y (second zigzag) seem to have completed at 38.2% of the length of Wave 1-3 on 11 June 2026 as given in the annexed chart. Incidentally the stock has also retraced 61.8% of the entire upmove. A new impulse has possibly commenced after completion of the correction.
Buy with a stop loss of 320.
Kalyan Jewellers has been undergoing correction since 2 Jan 2025 after completing a 5-wave impulse sequence of "Intermediary Degree", thus completing its first "Primary Degree" wave as per Elliott Wave Principle.
The stock has been undergoing correction in the form of double zigzag ("WXY") pattern. In the first zigzag as well as the second, Wave A happened to be large and Wave C happened to be small.
What is a WYX / Double zigzag pattern?
Zigzag is one of the three primary corrective structures with a 5-3-5 sequence, labelled as Wave A, Wave B and Wave C, wherein Wave A and Wave C are actionary waves and Wave B is the counter wave. A double zigzag consists of two zigzags, labelled as Wave W and Wave Y, separated by an intervening counter wave, labelled as Wave Y. This pattern result in deeper correction.
Why buy now?
Wave 5 of Wave C of Wave Y (second zigzag) seem to have completed at 38.2% of the length of Wave 1-3 on 11 June 2026 as given in the annexed chart. Incidentally the stock has also retraced 61.8% of the entire upmove. A new impulse has possibly commenced after completion of the correction.
Buy with a stop loss of 320.
Trade active
Book Profit at 577-599 levels. We will re-etner and continue the trade.
ChartTheWave |
t.me/chartthewave
This channel is a common forum for "Elliott Wave Principle" enthusiasts, learners and practitioners. We aim to build a team of traders who practice EWP for common benefit; co-learn, teach, share, validate and benefit.
t.me/chartthewave
This channel is a common forum for "Elliott Wave Principle" enthusiasts, learners and practitioners. We aim to build a team of traders who practice EWP for common benefit; co-learn, teach, share, validate and benefit.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
ChartTheWave |
t.me/chartthewave
This channel is a common forum for "Elliott Wave Principle" enthusiasts, learners and practitioners. We aim to build a team of traders who practice EWP for common benefit; co-learn, teach, share, validate and benefit.
t.me/chartthewave
This channel is a common forum for "Elliott Wave Principle" enthusiasts, learners and practitioners. We aim to build a team of traders who practice EWP for common benefit; co-learn, teach, share, validate and benefit.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.