One of the cardinal rules of Elliott waves is wave 4 can never enter into the zone of wave-1 which is 262.70. So, let us see how it moves in today's session if prices go close to 262.70 -which is a key level for us -risk is very small here but could be potential downside move Strict Stoploss- 262.70 + few ticks above 263 If it enters above 262.70 then my count...
Below 239- Bank could travel in the zone 236-237 but not much left downside as momentum is slowing down likely if it bounces above 240 later from the fall that could be seen as a recovery in the bank & we could see it travelling into 255-257 zone ((ii))-((iii)) wave is retraced 38.2%- This is just an assumption so let us wait for the market to show us the way...
It has been observed that price is moving in an ascending channel, over a period of few months. Will be interesting to see if white bold support line holds on. It could be bottoms up situation developing here. Buyers seem to be taking grip now. Tgt around 256. SL your own. Suggestions appreciated.
ICICI Bank on 4 hour chart looks to break upside. More bullish candle to confirm the trend reversal. Can be bought above 252. Target around 260 With Stop @248 Suggestions and Comments appreciated.
There are 3 reasons for a bullish move in ICICIBANK 1. Channel support 2. Bullish BAT 3. Elliot count (End of an impulse wave 5) near 239. One can go long for 250 - 255 with the Stop loss of 235
Looking for push upside from 240-241 zones with key support@239 for target zone 245-246. Once it reaches 245-246-we will wait & watch -if that bounce gets extended even beyond 249.50 then it will indicate that 4th wave correction is still ongoing but we will enter buy again only above 251.25. There is another way of looking going into zone 245-246 & falling back...
ICICIBANK BREAK UPTREND CHANNEL NOW STOCK CAN CORRECT TILL 220-200 BUT HERE ALSO SUPPORT AT 237.. IF ANYONE WANT TO TAKE NEW POSITION THEN SELL ONLY BELOW 237 IF CLOSING BELOW 237 THEN ICICIBANK WILL GONE SURE,,
From last 6 months trading within the channel and looks today reached bottom of the channel. Further will be heading towards the previous high of 282. One can wait for the momentum to reverse with a stop loss at channel bottom.
potential short setup
From the highs of 283.75 - ICICI Bank is travelling into impulse wave & currently tracing out its-((iv)) th wave. Going below 249 which is small rising trendline likely can go to the similar lows or slightly surpass 243 lows once it holds that zone there is a buying opportunity as well in the zones 243-245 for target zone 255-257- for which I need to come back...
It is been observed that the price action breaks out from a downward trending channel on hourly chart, indicating a bullish signal and dominance of buyers on movement of price action. It is also important to notice and acknowledge that the price action forms a V-Shape after a breakout. This V-shape formation also refer to the correction to previous resistance...
PRICE REACHED AT IT'S PREVIOUS TREND LINE SUPPORT SO THERE IS GOOD CHANCE TO PRICE REVERSAL FROM THERE...ENTRY STOP LOSS AND TARGET GIVEN ON CHART. REGARDS KING999
Bullish BAT setup on ICICIBANK. It has traveled to 260 and retraced back to 251. Those who have missed the upside this can be the good entry point for the Long position.
As observed on daily chart, there were two harmonic patterns identified on daily chart mentioned below First: Bearish Bat Pattern - Completed - marked in yellow Second: Bullish Gartley Pattern - in progress to complete D leg - marked in Green Target: 255 Stoploss: 267
ICICI Bank got corrected in short term but it has maintained its long term bullishness view. It will rise till 285 without any resistance.
Prices are moving in choppy & a sloppy manner since lows@180. 75 & one should really take care that -if ICICI Bank starts leaking below channel going below 235 -Possibly it will fall on its face & can look for previous swing low which was at 150. Regards, Abhishek H. Singh, CMT
The price action is been trading in a upward trending channel where the price action is respecting upper trendlines as resistance and lower trendline as support. Today, the price action indicates weakness at upper trendline or resistance level where profit booking can take place. I believe the price action shall retrace to fibonacci levels of .50 or 0.618 where...