Technical Analysis - Elliott Waves of SBIN

15 Okt

This analysis is based on Elliott Wave theory and is for educational purposes only. It does not constitute financial advice.

Key Observations:

Ascending Diagonal Triangle: The price action appears to be forming an ascending diagonal triangle pattern, suggesting a potential bullish breakout.
Wave Structure: The current price movement could be interpreted as an impulse wave, with a strong possibility of a fifth wave extension.
Invalidation Level: The 732.00 level acts as a critical invalidation point. A break below this level would negate the bullish outlook.
Potential Target: A breakout above the triangle's upper boundary could lead to a significant price increase, with a potential projection around the 920.00 level and more

Overall Outlook:

The technical analysis based on Elliott Waves suggests a bullish bias for SBIN. However, it's essential to monitor the price action closely and be prepared to adjust the analysis if the market's behaviour deviates from the expected pattern.

I am not Sebi registered analyst.
My studies are for educational purpose only.
Please Consult your financial advisor before trading or investing.
I am not responsible for any kinds of your profits and your losses.

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Hope this post is helpful to community
Thanks
RK

Disclaimer and Risk Warning.

The analysis and discussion provided on in.tradingview.com/u/RK_Charts/ is intended for educational purposes only and should not be relied upon for trading decisions. RK_Charts is not an investment adviser and the information provided here should not be taken as professional investment advice. Before buying or selling any investments, securities, or precious metals, it is recommended that you conduct your own due diligence. RK_Charts does not share in your profits and will not take responsibility for any losses you may incur. So Please Consult your financial advisor before trading or investing.