Looks like its subdividing into its 5th wave at micro degree. Till the time 265-266 is not breached I will look upside till 274-275 as 1st target zone. Counting waves at such a lower degree is a nightmare, but I am doing my best.
Incase 265 is hit before going to 274 -275 zone, then I will have to look at the price structure again.
Key Zone- 265-266.
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.
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
