In terms of swings,
When point 2 is above 1
3 is below 1, and price reverses from 4,
connecting 1 to 3 and extending - creates possible support line
connecting 1 to 4 and extending - creates possible target line.
Price bounces from support line (point 5) and tries to touch the target line.
We should start plotting only after point 4 is clearly evident.
As per daily chart in ICICI BANK Bears phase cycle is on swing with the negative impact of both Fundamentally on sector wise and as well as Technically. But as Fight Continue from Swing high of 307 Bears Attacked on Bulls with Three Consecutive Drag down Round upto 295 levels and Bears have More Power to Beat Bulls to the level 276.50 and more below 262 Levels...