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SBIN - PLAN FOR NEXT WEEK

NSE:SBIN   STATE BK OF INDIA
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SBIN SEEMS TO BE MAKING A LIMITING TRIANGLE IN B WAVE. THERE ARE 2 POSSIBILITIES HERE.

1. THE B WAVE COULD BE A COUNTERPART OF WAVE A AS DEPICTED IN THE CHART. IN THIS CASE, THE TRIANGLE SHOULD BREAK-OUT ON THE UPSIDE WHICH GIVES A TARGET OF 300 WITH A STOPLOSS OF 283. THIS IS THE MOST PROBABLE SCENARIO AS OF NOW
2. THE B WAVE COULD BE FORMING AS A COUNTERPART OF WAVE A (DOWNMOVE FROM 300 TO 273). IF THIS SCENARIO PLAYS OUT, THE TARGET WOULD BE 271.2 WITH A STOPLOSS OF 292.5. HOWEVER IN THIS CASE, THE DOWNSIDE WILL BE LIMITED TO 267 SINCE THE PREVIOUS UPMOVE SEEMS TO BE AN IMPULSE, HENCE THE C WAVE WHICH WILL BE FORMED AS PART OF THIS DOWNMOVE SHOULD NOT EXCEED 267.
IRRESPECTIVE OF WHETHER THE BREAKOUT HAPPENS UPSIDE OR DOWNSIDE, ONCE THE TARGET IS ACHIEVED, THE PRICE WILL COME BACK TO THE BREAK-OUT POINT HENCE GIVING AN OPPORTUNITY TO TRADE IN THE REVERSE DIRECTION.
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