SBIN - Elliot Waves + Fib Retracement levels - Positional Ideas

The rise of SBIN from 177.15 to 202.5 and the subsequent fall to 191.65 (so far) fits the Elliot waves perfectly as can be seen on the chart.

Positional Trades for Tomorrow:

Idea 1: The correctional waves are done at 191.65! So Go Long above 193.3 for 195.8, 198, 202, 206.5 with SL at 192.
195.8 is a key Resistance/Support (Check linked idea!). So Trail SL after that!

Idea 2: The correctional waves are still-on: Short below 191.65 for 190, 188, 185.8 with SL at 193.3

Please note the SBIN has a very high correlation to the market and its rise and fall are linked to Bank Nifty levels and movement.
See the linked idea for details. So keep a track of BN trend before taking trades.

Comment:

Hidden Divergence can be seen on the 15 min chart favouring a long position. So watch BN trends for direction.

Trade active

Trade closed: target reached:

Trailing Sl hit at 190

Comment:

Its looking good for T3 - if BN keeps falling to 21500 which is the next support

Trade closed: target reached:

T3 Hit

Comment:

Those with bigger risk appetites can do a STBT trade today - May be a gap down opening tomorrow looking at how markets tanked today. Short futures or long on ATM Put options. High Risk High Reward - trade at your own risk!

Comment:

3 Hourly Doji's on uptrend often result in a break -one way or the other (upward more likely - but again look at BN trends).
Follow ORB if you can monitor charts frequently.

Positional in case of a favourable market: Buy above 187 for 190 with SL at 185.5

Trade active:

Buy triggered at 188

Comment:

Those looking for upward targets till July end - plz refer the linked upar jane ka raasta idea

Trade closed: stop reached:

Trailing SL hit at 188.5