At 285 -recent high- SBIN has measured the equality distance of wave-1. So, we should be careful in the current scenario as most likely- SBIN can end its upside sequence-1 of the larger wave from Triangle Bottom.
It's too early to say anything from smaller view which needs market reaction- to confirm whether it has put a short term top or not.
Is The First Leg in Triangle Done?
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06:40 Hrs 11th Nov2016
Bullish Above 265 Mini Top
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08:29 Hrs 16th Nov2016
Last Price@278
If this goes above 285 then SBIN can extend till 310-320 zones which is next likely target zone
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08:57 Hrs 17th Nov2016
Last Price@277.65
Its not falling as expected likely suggesting that 5th wave could be sub-divided going above 289 -keep a watch on the counter as it could attempt for 300+ zone.
Comments
nirav5
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I am looking forward to the breakout on upside of current ongoing triangle on hourly chart. That will also help creating D leg of Bearish Butterfly pattern. As a result of Bearish Butterfly pattern it will boost (supports) the journey of the wave count iv.
However if direct breakdown starts for the (iv) wave can negate the possibilities of the harmonic pattern.
WaveTalks
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@nirav5, 9 years it took to form the triangle- It will exciting if we get the break of the triangle on such a large time frame & as equities it looks promising.
bbhalaji
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expecting a correction around 230 levels...
WaveTalks
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@bbhalaji, but if it goes above 289 -what do you expect
bbhalaji
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@AbhishekHSinghCMT, not sure I will have to wait and confirm the wave counts then ...
However if direct breakdown starts for the (iv) wave can negate the possibilities of the harmonic pattern.