EWT Correction Wave - SBIN - New lifetime highs soon 🚀

Long

STATE BK OF INDIA (NSE:SBIN)

Updated

NSE:SBIN STATE BK OF INDIA

elliottwaves elliottwaveprojection sbin sbinanalysis swing nifty waves elliottwavecorrection

Hi Traders, Here is a detailed analysis on SBIN which has been following Elliott Wave Correction Theory, on 1h, We are currently experiencing Wave B and we have to enter at the beginning of Wave C i.e. near 480 levels. Pls refer to the above chart to notice characteristics of each wave. Also SBIN has been following a strong uptrend, we can see it is taking support at the same trendline that it has had been following since November 2020. Also we have turned a major supply zone into demand zone and we are also at a 0.618 fib retracement level aka golden zone. Now we have witnessed many confirmations. Let us moon together. Happy Trading 💹E

Comment:

So our entry did not got activated here trade because the level 477 on which we had to accumlate was broken immediately with bearish candle and we know for accumulating we wait for some kind of reversal candlesticks like a hammer or so. This setup is now invalid. Will keep updating more on SBIN and other stocks in my watchlist. Market is at a crucial level. No aggressive buying seen yet. Wait for a closing above 17500 or limit your positions 👍

Comment:

My view for SBIN is still bullish, still in a good MS overall. Even around 460 levels it can be accumulated. Nifty Bank is still in a good structure. For Investing you can accumulated or average out or start pyramiding once the MS improves, will keep you guys updated. For swing/positional watch out for a reversal keeping in mind Nifty Bank Structure. Don't go all in once, build the positions in smaller quantities one by one. Auto, Bank, Metal sectors still look fine.

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