SBI CARD Wave 1 Complete. Time for Wave 2 Decline. UPDATE!

If you check my Last Post on SBI Cards, I was Kind of Too Early to Call the Tops as the Wave count got Extended.

But even keeping aside Elliot Wave since its forecasting in nature and not that Accurate since Counts keep changing and there are always Alternate Count views.

So even going by Traditional Price Volume Action which is a LOT MORE Reliable than Elliot Wave theory.

SBI Cards showing Clear Signs of Distribution post the Earnings Gap Down. Head & Shoulders Top forming , also more Bearish Volume than Bullish Volume and more Wide Range Red Candles as compared to Green Candles. What else is Needed?

- Price is heading to find Support at 725 MINIMUM as a Bearish Target 1!
- It can Even go more Down as I've mentioned the Levels.

If you have Longs I suggest Exit. Since its not in FnO you can't Short so I'd suggest play this Bearish View Intraday in Cash MIS Selling
Comment: Sell on Rise mode can be clearly seen in SBI Cards as its forming Lower Highs!
Order cancelled: Seems to be some Change in Price Action. Market is Bullish so Shorts not working, better to avoid


This analysis is proved totally wrong. In the muhurth trading the stock went up 2%
+7 Reply
T_Harth mohanantm
@mohanantm, Lower Highs, my Bearish view negates above 870
T_Harth mohanantm
@mohanantm, This is a Positional view not a STBT view so analysis is not yet proved wrong lol
for me the same 725 can be tested
At one point can accept that it will hit 725 if breaks 769 but below 725 i dnt think it should go as heavy buying will start at these levels considering all negatives for Q2 and potential Q3 are discounted now?
@AMOLDESAI, yes I agree with you
SBI CARDs riding above strongest support of 760-765. and It's almost next to impossible for this stock to go below that level except the whole market sentiment is changed and the nifty is corrected by 500-1000 points. SBI CARDS is in consolidation mode and will be touching 900 or even 1000 soon.
T_Harth hardikparikh655
@hardikparikh655, If you read the Earnings report, it was Horrible and Price Volume Action already showing distribution signs
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