Here is the Elliott wave analysis of SBI on 1 Hr Tf, the following are the inferences.
1. Security is in the downtrend.
2. Wave C is getting completed, major correction is going on.
3. Wave C is generally impulsive in nature, i.e results in sharp correction either time/price-wise.
4. First target already achieved.
5. 2-3 targets marked with fib projections.
It might also change direction for an up-move, but that will be a sell-on-rise opportunity until a proper impulse starts upwards.
Views are personal, only for educational purposes!
Please don't treat this as trading advice.
1. Security is in the downtrend.
2. Wave C is getting completed, major correction is going on.
3. Wave C is generally impulsive in nature, i.e results in sharp correction either time/price-wise.
4. First target already achieved.
5. 2-3 targets marked with fib projections.
It might also change direction for an up-move, but that will be a sell-on-rise opportunity until a proper impulse starts upwards.
Views are personal, only for educational purposes!
Please don't treat this as trading advice.
Trade closed: target reached