sachinlanke
Short

ICICIBANK - Daily Outlook - Short Setup

NSE:ICICIBANK   ICICI BANK
ICICIBANK             is in downtrend since last month. Correction wave "C" is incomplete and in progress.

Stock has entered oversold area on Daily charts which indicates BUY setup. But on weekly charts it is in overbought area and does not confirm weekly chart setup.

So stock should drop in next few days. SHORT position can be initiated below 274.5 with targets 270 (1st), and 264 (2nd). Stoploss should be 279.
Comment: Target 1 (270) reached as expected. Target-2 (264) is very close now. All the best.
I don't agree with your wave count. According to me it's 4th wave in progress. On completion of 4th wave new highs can be seen
Reply
@sobubla,

May be you are right. Elliott wave numbering is very subjective though.

But main Idea is for very short term and I feel correction is due.
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