Ending Diagonal is seen. And the breakout did involve Volume. There is a big chance of an upside in coming days.
The Company is in Value Zone currently.
The headwinds are from the current COVID situation because the company rents out spaces which involves people gathering
Target 1: 515
Stop Loss: 428
Target 2: 714 (Very Agressive)
As per Elliot Wave theory, an Impulse cannot stand alone. Here we are observed the 1st Impulse and then currently a corrective wave is in the making.
There is a probability that the 2nd impulse can start after the currect corrective wave completes.
The current correction (Wave 4) can last for a while.
The current correction (Wave 4) needs to be above the high of Wave 1 (6400) levels.
Reason: Impulse wave rules -- Wave 4 should not overlap the price range of Wave 1
SBI is at crucial Support and seeing a falling wedge formation which means reversal of the current trend. Will it move upwards in the coming days?
Fundamentally, recent acquisition is something that Mr. Market has not taken lightly.
So fingers crossed and i am just observing the stock :)