SBI made the bullish Elliott wave on the time frame. And completed 4 waves. The 5th wave and ABC correction are remaining. The expected completion of the 5th wave is 295.35 , and it is 61.8% of 1+3.
So, it has to cross 283.30 - 290 .10 to reach 295.35 . And if the trend crosses this, too.
After that, it will fall for a short time to make the A of the ABC...
NSE:SBILIFE
it's not perfect head and shoulder but even if it cross 920 then trailing target might be 950 and so as we can see reversal candle on daily it might retest head and shoulder neck line and then might bounce so please trade accordingly.
******whatever charts or levels sharing here are just for educational...
Just look at the times that the line has been tested by SBIN. I feel it is a strong point of resistance and it might reverse once more.
But, if it is broken decisively, then no points for guessing in which direction your bets should be. :)
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NSE:SBIN
I hope you can now see how SBIN represents an excellent low risk profit entry setup allowing you to trade in the market.Take positions so that the risk/reward is in your favor.
Knowing why, where & when a strong reversal signal is being generated will be the only way to capitalize on your technical analysis .
Thank You
Disclaimer: It should not be assumed...
SBIN will shake bank nifty if this resistance is broken decisively. Just look at the setup. In a major bull run and don't think the trend-line can offer any strong resistance to this kind of up-move.
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I am going to start a series for long term investment.
NSE:SBIN
Sbi is trying to break the 13 months(1 year,1 month) trendline.
It is taking 276 as resistance, buy if breaks 276 and when nifty is positive.
where 0.382 of fibonacci is around 274 to 276 is acting as resistance.
try to analyze the chart. Thank you.
