JSW Steel: Structural Breakout from Rounded Base 🚀

Multi-Signal Technical + Structure Analysis (Weekly Chart) Price Structure & Pattern: JSW Steel has completed a clean rounded bottom / cup formation between Nov–Dec and Jan, indicating time-wise and price-wise correction rather than damage. This is a bullish continuation structure, not a reversal from weakness. Key Breakout Zone: The stock has decisively reclaimed the ₹1,220–1,230 resistance, which acted as: Prior swing high Psychological supply zone Neckline of the rounded base Sustained trade above this zone confirms trend resumption. Elliott Wave Context: The rally from Sep lows looks like Wave 1, followed by a deep but healthy Wave 2 (rounded correction). 👉 The current move is likely early Wave 3, which is typically: Strong Fast Momentum-driven Momentum & Participation (MACD View): During the rounded correction, momentum did not collapse, suggesting bearish pressure was weak. The breakout candle shows expansion in range, confirming fresh participation, not just short covering.