This is an update to report given on 21st Nov for SBI.
In that report we said that SBI may touch 333.65 but should not cross 336. SBI made a high of 340. There is a change in count so let’s looks 30min chart of SBI.
From this 30 min chart from the low of 244.35 we can see that wave 1, 2, 3 and 4 is completed. 4 completed at 299.75. Estimated target for wave 5 is coming around 339.2 and 348.51. When we see expected target for lower level wave 5 from 299.75 at lower time frame, it is coming around 341.5,
345.5 and 351. So range from 345 to 351 becomes more important. Now to understand it in more details, let’s see 15 min chart from the low of 299.75
Here we can see that 1, 2, 3 and 4 is completed. 4 completed around 325.5 there are more than 2 to 3 degrees of 5 is getting completed at the top. We can expect some deep and fast reversal very soon. But from this chart we can say that one more high is pending. This may be near 345.
mostly It has neglected situation of ED here by getting above 336.
Though SBI got our last SL but still SBI is a sell around 345 with SL above 352
Disclaimer:- Idea and views given here are only for educational purpose. It is just to show how Elliott wave analysis can be done in practical example. Do not take any trade only on the basis of idea given here. Consult your financial advisor first before taking any trade. We do not take any responsibility for any trade taken by whatsoever means or purpose.