the state bank of india seems to have completed 5 waves in the weekly chart under the Ralph Nelson elliott s wave principle.when the impulse wave in the motive phase ends it is time for the bears to take control in the bull market for the ensuing correction.thaecorrective phase is a 3 step movement that culminates in wave C after down up sequence in wave A and wave B.
Te weekly macd as well as rsi both shows bearish classical divergence, which shows that the underlying strength of the bulls is waning.can bears act now? will have to wait for the confirmation from candlestick analysis may need bearish engulfing pattern or evening star. or hammer or shooting star.
trendline break and sustenance in hourly chart.
SL will be high of wave 5, target end of previous fourth wave.around 324.
Te weekly macd as well as rsi both shows bearish classical divergence, which shows that the underlying strength of the bulls is waning.can bears act now? will have to wait for the confirmation from candlestick analysis may need bearish engulfing pattern or evening star. or hammer or shooting star.
trendline break and sustenance in hourly chart.
SL will be high of wave 5, target end of previous fourth wave.around 324.