Elliott Wave Technical Analysis - State Bank Of India

STATE BANK OF INDIA – SBIN (1D Chart) Elliott Wave Technical Analysis

Function: Counter Trend (Minor degree, Grey)

Mode: Motive

Structure: Impulse within larger degree zigzag

Position: Minor Wave 2

Details: Minor Wave 2 Grey might have extended through 860 zone, If correct, expect Wave 3 to be underway soon.

Invalidation point: 910

State Bank of India Daily Chart Technical Analysis and potential Elliott Wave Counts:

State Bank of India daily chart is indicating a potential trend reversal after hitting the 920 high; Intermediate Wave (5) Orange. The truncation has been followed by an impulse lower to 765 levels, Minor Wave 1 and a subsequent counter trend rally towards 860 high as Wave 2 termination.

If the above structure holds, bears are now back in control as Wave 3 begins to unfold. The bottom line for bearish structure is at 920 mark. Also note that a break below 730 will accelerate further. Alternatively, a push through 920 will confirm bulls are back in control.

STATE BANK OF INDIA – SBIN (4H Chart) Elliott Wave Technical Analysis

Function: Counter Trend (Minor degree, Grey)

Mode: Motive

Structure: Impulse within larger degree zigzag

Position: Minor Wave 2

Details: Minor Wave 2 Grey might have extended through 860 zone, If correct, expect Wave 3 to be underway soon. The stock trades around 803 at the time of writing as bears remain inclined to drag further.

Invalidation point: 910

State Bank of India 4H Chart Technical Analysis and potential Elliott Wave Counts:

State Bank of India 4H chart highlights the wave structure post Minor Wave 4 termination around 730 mark on June 04, 2024. Kindly note that Minor Wave 5 has been proposed as a truncation, which terminated around 910 level.

Since then, there has been an impulse drop Minor Wave 1 Grey, followed by a corrective rally Minor Wave 2 Grey, terminating around 860 mark. If the above is correct, price action is now unfolding Minor Wave 3, which is projected way below the 700 mark.

Conclusion:

State Bank of India is progressing lower within Wave 3 towards 700 mark, against 920 high.

Elliott Wave Analyst: Harsh Japee

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