Wave (3) Awakening: Shri Jagdamba Polymers Ltd. Analysis


Shri Jagdamba Polymers Ltd. has completed Wave (1) and Wave (2) in blue of Intermediate degree on the weekly chart. The stock now appears to be starting Wave (3) in blue, which should unfold into five subdivisions as Wave 1-2-3-4-5 in red of Minor degree. Currently, Wave 1 in red has finished its subdivisions as Wave ((i)) and Wave ((ii)) in black of Minute degree. Now, Wave ((iii)) in black of Wave 1 in red seems to be starting, indicating a bullish outlook.

Wave (3) Characteristics:

- Strong Impulse: Wave (3) is typically the most powerful and extended wave, characterized by strong upward momentum.
- Fibonacci Extension Target: If Wave (3) in blue reaches 161.8% of Wave (1)-(2), the price target can be approximately 3300.
- Subdivisions: Wave (3) subdivides into five smaller waves (1-2-3-4-5 in red of Minor degree), with each smaller wave further subdividing (e.g., Wave 1 in red subdivides into ((i)), ((ii)), ((iii)), ((iv)), ((v)) in black of Minute degree).

Current Technical Setup:

- Current Price: Observing the price action.
- Key Levels:
- Invalidation Level: 450 (marked as the low of Wave (2))
- Fibonacci Extension Target: 3300

Technical Indicators:

- Wave ((iii)) Starting: The initiation of Wave ((iii)) in black of Wave 1 in red signals potential strong bullish momentum.
- Bullish Outlook: The completion of preliminary waves ((i)) and ((ii)) in black suggests that a significant upward move is likely ahead.

Risk-Reward Analysis:

- Risk: Low risk with the stop-loss set at 450.
- Reward: High potential reward with a target of 3300.
- Risk-Reward Ratio: Favorable due to the substantial upside potential and defined risk level.
- View: Long term Investment pick.

Trading Strategy:

- Consider entering a position as Wave ((iii)) in black of Wave 1 in red unfolds, with a stop-loss at 450.
- Monitor for further confirmation of upward movement and add to positions as Wave ((iii)) progresses.


Shri Jagdamba Polymers Ltd. is poised to start Wave (3) in blue of Intermediate degree, characterized by strong bullish momentum. The current setup indicates the start of Wave ((iii)) in black of Wave 1 in red, offering a compelling risk-reward opportunity. Monitoring the progress of these waves and the overall price action will be crucial for optimizing entry and exit points.

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My studies are for educational purpose only.
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