ICICIBANK - Daily Outlook - Short Setup Short

ICICI BANKNSE

Description

⋅ Mar 4, 2017 5:18 PM

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

⋅ Mar 11, 2017 10:09 AM

Target 1 (270) reached as expected. Target-2 (264) is very close now. All the best.

Comments

sobubla

⋅ Mar 4, 2017 6:04 PM

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

sachinlanke

⋅ Mar 5, 2017 12:34 PM

@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.