JK Tyre: Multi-Year Cup Breakout → Momentum Expansion Phase 🚀

🔹 Elliott Wave Perspective The structure is very clean: Wave (1): Strong impulsive rally into ~₹550–560 (early 2024) Wave (2): Deep but rounded corrective phase into ~₹260–280 Current Move: Likely start of Wave (3) / Wave (5) expansion leg The 1+ year rounding base is not random noise — it’s time correction + accumulation before trend continuation. Now price has decisively closed above ₹550–560 resistance, completing the cup. 🔹 Price Action Confirmation Fresh multi-year high breakout Strong bullish weekly candle (+10% approx.) Breakout happened after gradual right-side build-up → healthy structure No rejection wick at resistance → supply absorbed This is acceptance above supply, not a false breakout spike. 🔹 Volume & Participation Volume expansion visible during breakout phase Right side of cup shows improving activity → Suggests institutional positioning Breakouts that happen after contraction + low volume base tend to sustain. 🔹 AVWAP Logic Price is now: Above AVWAP of entire 2024–25 corrective structure Above prior swing high anchored zones Meaning: Majority participants are in profit Pullbacks likely find demand near ₹540–555