SBI CARD Wave 1 Complete. Time for Wave 2 Decline!
Chart Data as of 25th Sept, 2020
A Classic Ending Diagonal/ Rising Wedge structure has marked the Completion of a 5 Wave Impulse
Elliot Wave suggests we are now in a Wave 2 Decline that can retrace this Wave 1 advance that just got completed
I have a Minimum Target of ~ 725 for this Decline.
Key Levels to Note:
T1= 725
700 psychological level
T2= 685
T3= 640
Where this Wave 2 Decline will Stop, I do not know but there is a High Probability that we will at Least meet Target 1 for this Downfall.
My Bearish View Negates if we make a New High above 868
Studies apart from EW such as:
Price Volume Action
RSI
MACD
ADX
......Are ALSO Confirming my Bearish Thesis, SO if you do not want Short at least I Will not be a Buyer till SBI CARD makes a new High.
Provide me Feedback and Support if you liked this Bearish Setup
Happy Trading :)
A Classic Ending Diagonal/ Rising Wedge structure has marked the Completion of a 5 Wave Impulse
Elliot Wave suggests we are now in a Wave 2 Decline that can retrace this Wave 1 advance that just got completed
I have a Minimum Target of ~ 725 for this Decline.
Key Levels to Note:
T1= 725
700 psychological level
T2= 685
T3= 640
Where this Wave 2 Decline will Stop, I do not know but there is a High Probability that we will at Least meet Target 1 for this Downfall.
My Bearish View Negates if we make a New High above 868
Studies apart from EW such as:
Price Volume Action
RSI
MACD
ADX
......Are ALSO Confirming my Bearish Thesis, SO if you do not want Short at least I Will not be a Buyer till SBI CARD makes a new High.
Provide me Feedback and Support if you liked this Bearish Setup
Happy Trading :)
Trade closed: stop reached
Price also at confluence of Trend line Resistance as of today. Good to have extited longs today and gone short keeping today's high as Stop Loss.
Watch it Crack down tomorrow!