Tuesday, September 04, 2012

ICIC Bank - Elliott Wave Update

ICICI Bank Daily Chart
Prices are strategically poised in the TAZ (13-34 EMA) on weekly time frame. 
ICICI Bank is rising in wave C of {II}. If we close above 910-915 band, we may see prices rising from here, in wave [5] of C of {II}.
RSI is looking to take support around 40 that is a bullish sign. STS is oversold and it has already completed a bullish crossover. MACD signal line may be forming a ZLR. All 3 indicators above are suggesting strong prices if we get a followup soon.
The stop loss for this trade logically comes at the top of wave [1] around 864.20 levels. The target may range between the top of wave A at 998.80 and 1025. The Reward to Risk ratio comes around 2.5:1, which is not bad. 
So f we close above the 5 DEMA around 910-915 range, we can buy into this stock with a SL of 864.20.

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