Monday, April 16, 2012

SBIN - Elliott Wave Analysis

SBIN completed its 5 wave impulsive advance around 2465 levels. From there it is falling in a corrective fashion. It seems SBIN has completed a clean 3 wave down move and is rising again in the main trend. At a minimum we must cross the 61.8% of this corrective move to ensure that we have completed the 3 wave corrective down move. So above 2310 we must see even higher prices, atleast till 2465. If wave II is done as shown in the chart, we are rising in new impulsive move. Also we have broken and closed above the falling trend line, which is also a signal of strength. Tomorrows rate cut rumor might just materialize.

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