W3=1.6W1 ,If this count is correct SBI is heading for a good fall.
Lets talk more about wave counts
Near 1600 5 wave up done
A 1600-1300(Clear 5 down)
B 1300-1548(3 wave)
here in B >>> c=1.6a( looks steep) so lil confusion thrustfull B?
If this wave counts are true SBI is heading for atleast couple of 100's fall.
Lets discuss another wave count
1000-1600 3 wave up
1600-1300 4th wave
now 5 th wave in progress
well if this case is true SBI can touch recent highs again.
lets get little more closer :)
lets take this 5th up
As of now looks like 3 waves done and 3=1.6(1 ) followed clearly so 4th can start anytime,
Before 5th up.
One important conclusion after this wave talk
SBI is headed for some fall. How much?
We will see in coming days this second count fails if we go below 1400.
Regards
Rish
very good analysis..
ReplyDeleteunfortunately there is no positive factor for SBI except the bank reforms.. as all global financial institutions are under severe credit crunch. expecting a strategic partner or stake from global Financial institutions is noway for another 6 months..
In addition SBI is govt bank and as long as finance minstry under the scanner for a head change.. we cant expect any major changes for SBI until new govt forms...
so chances for SBI scrip to move above 1600 levels is limited unless there is sudden bull run in the mkt..
so the bearish trend to 1400 level as pointed by rohit is seems to be justifiable..
dr. udayabhaskar
I don't think SBI is in for a large fall from here, whatever your analysis says. It has the potential to go all the way to 1650 before it come down.
ReplyDeleteThe futures touched 1620 in today's trade. If the markets do not correct sharply from here, SBI Futures should touch 1730 this week.
ReplyDelete