A history of Jain Irrigation

Published: Wed, 06/19/19

The Truth About The Markets

+ All eyes on the RBI

Dropping double digits for 2 consecutive days I should share these posts put out in the recent past. Also the last one was put out last week. This is a text book case of a head and shoulders top and will go in some text book someday. For now enjoy the perfect set up at this large a time degree because they are rare and happen once in a lifetime.

The reason Jain irrigation gets so much attention is that during the Ketan Parekh speculation its name was associated with his stocks, but later it stood out for its own business model, then what went wrong?

Let the charts speak the Truth for themselves.

Jain Irrigation

A 5 wave decline in Jain Irrigation, on weekly charts. It has already bounced in wave a and is in wave b. Wave v of the bounce may see higher levels with the major resistance t the wave 4 high at 88. a=c is near 80.

jain 231018

Jain Irrigation

After the Oct bounce in the Stock I did not publish an update. But at that time I spotted a 5 wave decline. That is never the end of a move. A 5 wave move is followed by another five wave move in elliott waves. [to complete a set of 3 at least]. So the wave 1 low now broken the larger picture is a sight to see because a multi year H&S is a once in a lifetime event in stock markets. This chart says it. Wave B took 2012-2018 to complete and wave C down started. At larger degree C=A goes down to 14, I know that is insane. And 3=1 goes to 29, less insane. The blue neckline is at 47.30 as a critical long term support.

jain 130219

Jain Irrigation

No change in the big picture. Wave C down started. What has happened however is that it is subdividing into smaller waves. The last 3 bounces ended at the 20 week average as did the recent one near 65. Today it closed below the 20/40 day averages. The major swing lows support is near 45, then below it is no mans land.

jain 250319

Jain Irrigation

Using a monthly chart to explain the Head and shoulders top in Jain Irrigation. Here the right shoulder is wave B, and wave C and A are both 5 wave declines. In wave Analysis while C=A at 26-27 would be a normal range. H&S breaks lead to extentions. And the classic method of measuring the head points to 7.75.

jain 120619

However in wave C, if 3=1 goes to 27 and if wave 4 is a 38.2% retracement wave 5=1 goes to 17 or lower as shown by the Wave counts calculator.

Wave	0	1	%	2 - 0.618
	150	55	-0.63	114

Wave	2	%	3 - 1.0	3 - 1.618
	77	0.39	28	-2

Wave	3	%	4 - 0.236	4 - 0.382
	28	-0.64	40	47

Wave	4	5 - 3 etn	5 - 5 etn	5 - gold
	47	29	-15	27

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Rohit Srivastava
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