ShreeKrishna

Failure of 3rd Impulse wave

Short
NSE:SBIN   STATE BK OF INDIA
112 views
2
After it Made an Impulse leg of wave 1 & successful pull back of wave 2 toward ascending trend line tag + Bounced for Impulse wave 3
Its appears that there was huge fundamental issues during its 3rd impulse leg ,
or it may be considered as imbalance in Price to Premium ( Asset Book value to Market Premium ) where book value fall shorter than the Market Price ( Premium )
and it started correction , since then we have to count it as failed Momentum , failed to reach 161.8% of market sentiments
Now its in complex correction of larger Pattern A B C which are Labeled in Yellow Color and internal are sub divided in 3 wave pattern labeled in blue color
Now i am considering its in regular flat position ( One of Corrective pattern in Elliott wave Theory) it will likely to correct for down ward move form this
Price point view
One can look for entering short position in Futures , and can roll over for next couple of month until this correction pattern completes
its about to began a strong move downward
Enter with pre-defined stops
Good luck
Comment: What is more exiting about Wave Principle is One or the other way you can always point out the Major trend direction , as days pass you will start mastering it ,
Most of the forecast made by Elliott wave professionals make to 87 % to 94 % accuracy , the best part of wave analyst is to act in the direction of Major trend movement and ignore the intermediate trend , Intermediate trend is 99 % crowded with retail and Professional always position against the retail in order to benefit higher profits

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Good luck people
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Email: wave.traders@yahoo.com

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