SBI LIFE INSURANCE CO – SBILIFE (1D Chart) Elliott Wave Technical Analysis

Function: Larger Degree Trend Higher (Intermediate degree, orange) 
Mode: Motive 
Structure: Impulse 
Position: Minute Wave ((v)) Navy  
Details: Minute Wave ((v)) looks complete around 1940 or could be soon terminating within Minor Wave 5 Grey of Intermediate Wave (5) Orange. Traders are advised to book profits here as prices have turned lower. 

Invalidation point: 1667.

SBI Life Insurance Co Daily Chart Technical Analysis and potential Elliott Wave Counts: 

SBI Life Insurance Co daily chart indicates a progressive impulse wave higher between March 2023 and now as prices hit 1935-40 highs. Probability remains high for the fifth to have terminated at multiple degrees here. If correct, expect a larger degree corrective wave to begin soon against 1940. 

The stock terminated Intermediate Wave (4) Orange around 1060-65 range in March 2023. Since then, prices have rallied through 1935-40 highs, sub dividing into five waves. Please note that Minute Wave ((v)) of Minor Wave 5 Grey could be complete or near to completion around 1960-65. 

The fibonacci 0.618 extension of Wave 1 through 3 was missed by a small margin and bulls could attempt another push through. Alternatively, a slip through 1667 would confirm a top is in place and bears are back in control.

(Click on image to enlarge)

SBI LIFE INSURANCE CO – SBILIFE (4H Chart) Elliott Wave Technical Analysis

Function: Larger Degree Trend Higher (Intermediate degree, orange) 
Mode: Motive 
Structure: Impulse 
Position: Minute Wave ((v)) Navy  
Details: Minute Wave ((v)) looks complete around 1940 or could be soon terminating within Minor Wave 5 Grey of Intermediate Wave (5) Orange. The sub waves within Wave ((v)) are not clear yet and prices could print a shallow high through 1960 before reversing. 

Invalidation point: 1667.

SBI Life Insurance Co 4H Chart Technical Analysis and potential Elliott Wave Counts: 

SBI Life Insurance Co 4H chart highlight sub waves after Minor Wave 4 Grey completed around 1311 on June 04, 2024 alongside most stocks. Minute Wave ((iii)) was extended and Wave ((iv)) a flat. The sub waves with Minute Wave ((v)) are not very clear and possibility remain for a re-test of 1940. The key level is 1667 though.

(Click on image to enlarge)

Conclusion:

SBI Life Insurance Co might have completed its Intermediate Wave (5) Orange around 1935-40 range or could be near to termination. A break below 1667 will confirm.

Elliott Wave Analyst: Harsh Japee

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