SBI: IMPULSE UNFOLDING

Stock is falling in an impulsive structure Dec'22 high of 529. The impulsive structure suggests that a larger correction is going to occur in the coming weeks. As per the current price action prices have already concluded its 4th wave at 557 and is now ready for its 5th wave. Alternatively prices are likely to unfold its 4th wave as Bearish Triangle which will only delay the downward trajectory.



Trading strategy:

Sell on cmp add on rise, keeping SL of 557 look for the target of 500/480 .

Comment:

typo* Dec'22 high of 629