29Aug

Elliott Wave Technical Analysis for State Bank of India (SBI) Stock: Predicting Future Price Movements and Key Trading Levels

STATE BANK OF INDIA – SBIN Elliott Wave Analysis (1D Chart)

Function: Larger Degree Trend Higher (Intermediate degree, orange)

Mode: Motive

Structure: Impulse

Position: Minute Wave ((ii))

Details: Minute Wave ((ii)) Navy is likely complete around 810. If this is accurate, prices should rise as Minute Wave ((iii)) Navy begins to develop within Minor Wave 5 Grey of Intermediate Wave (5) Orange. Alternatively, Minor Wave 5 Grey might have ended as a truncation below 920.

Invalidation point: 735

SBIN Elliott Wave Technical Analysis

State Bank of India Daily Chart Technical Analysis and Potential Elliott Wave Counts:

The daily chart for State Bank of India suggests a continued upward movement above 920 levels as Minute Wave ((iii)) unfolds within Minor Wave 5 Grey, leading to the completion of Intermediate Wave (5) Orange. If this scenario holds, the interim low near 800 levels should remain intact.

Since February 2023, the stock has been on an upward trend after completing Intermediate Wave (4) around the 500 mark. Analyzing the sub-waves, Minor Waves 1, 2, 3, and 4 appear complete, with Wave 5 Grey unfolding above the 735 level.

If the larger degree trend continues as expected, prices should remain above 735, potentially leading to an impulse that completes Minor Wave 5 Grey. Alternatively, if Wave 5 Grey was truncated, it may have concluded around the 920 highs.

State-Bank-of-India-...


STATE BANK OF INDIA – SBIN Elliott Wave Analysis (4H Chart):

Function: Larger Degree Trend Higher (Intermediate degree, orange)

Mode: Motive

Structure: Impulse

Position: Minute Wave ((ii))

Details: Minute Wave ((ii)) Navy seems to be complete around 810. If accurate, prices should rise as Minute Wave ((iii)) Navy starts to develop within Minor Wave 5 Grey of Intermediate Wave (5) Orange. Alternatively, if Minor Wave 5 Grey has already ended as a truncation below 920, the stock could continue downward, producing an impulse wave.

Invalidation point: 735

State Bank of India 4H Chart Technical Analysis and Potential Elliott Wave Counts:

The 4H chart of State Bank of India provides a detailed view of Minute Waves ((i)) and ((ii)) Navy since Minor Wave 4 ended near the 735 level. The stock has completed an impulse wave (Minuette waves (i) through (v) orange) between 735 and 920, marking the end of Minute Wave ((i)).

Additionally, Minute Wave ((ii)) has formed a Zigzag pattern. If this analysis is correct, Minute Wave ((iii)) should commence shortly, targeting the 735 mark.

Technical Analyst: Harsh Japee

Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here 

Previous: Reliance Industries Elliott Wave Technical Analysis 

Special Trial Offer - 0.76 Cents a Day for 3 Months! Click here

Access 7 Analysts Over 200 Markets Covered. Chat Room With Support

State-Bank-of-India-...


Conclusion:

State Bank of India appears to be advancing higher, with a potential move above 920 as Minute Wave ((iii)) progresses within Intermediate Wave (5) Orange. A break below 735 would indicate that the alternate scenario is likely unfolding.

Related

South32 Limited Stock Analysis & Elliott Wave Technical Forecast: Critical Validation Points and Includes a Short-Term Forecast

South32 Limited Stock Analysis & Elliott Wave Technical Forecast: Critical Validation Points and Includes a Short-Term Forecast

This analysis provides an in-depth look at ASX: South32 Limited (S32) using Elliott Wave theory. It ...

Read More >
FTSE 100 (UK) Elliott Wave Analysis: Bullish Trend, Wave Counts, Market Forecast, and Trading Strategies for Informed Decisions

FTSE 100 (UK) Elliott Wave Analysis: Bullish Trend, Wave Counts, Market Forecast, and Trading Strategies for Informed Decisions

Our FTSE 100 Elliott Wave analysis provides valuable insights into the market's bullish trend an...

Read More >
Thoroughly Analyses the CAC 40, Featuring Elliott Wave Insights, Technical Analysis, and Forecasts: CAC 40 Trading Strategies

Thoroughly Analyses the CAC 40, Featuring Elliott Wave Insights, Technical Analysis, and Forecasts: CAC 40 Trading Strategies

This article thoroughly analyses the CAC 40, featuring Elliott Wave insights, technical analysis, an...

Read More >
An Elliott Wave perspective on the GX Uranium ETF (URA) Commodity Elliott Wave Technical Analysis

An Elliott Wave perspective on the GX Uranium ETF (URA) Commodity Elliott Wave Technical Analysis

This detailed analysis provides an Elliott Wave perspective on the GX Uranium ETF (URA), highlightin...

Read More >
Bajaj Finance Elliott Wave Analysis - Stock Forecast, Trading Levels, Price Projection, and Market Trend for 2024

Bajaj Finance Elliott Wave Analysis - Stock Forecast, Trading Levels, Price Projection, and Market Trend for 2024

Elliott Wave analysis of Bajaj Finance stock, outlining potential price movements, trend projections...

Read More >

Buy 1 Month

Get 3 Months!

Special Offer:

Trade Recommendations

Unleash the power of deversified trading with our comprehensive portfolio, covering:

  • Stock Trades
  • Crypto Trades
  • Forex Trades
  • Commodity Trades
Elliott Wave Analysis

Gain a competive edge with expert insights in to:

  • Global Indices
  • US Stocks & ASX Stocks
  • Forex & Crypto
  • Commodities
Top-Notch Trading Tools

Equip yourself with the tools of success:

  • Social Chat
  • Elliott Wave Algorithm
  • Screener
  • TradingLevels
  • Trading Game
7 Elliott Wave Analysts

Stay ahead of the market with daily charts and insightful videos
-Your secret to strategic trading!

JOIN HERE


Welcome to TradingLounge (ASIC A.R.No. 321187), specialists in trades, trading education and technical analysis, covering stocks, indices, commodities, forex and cryptocurrencies.

When you join TradingLounge you have access to everything we offer, including trade tools, educational content and a social platform to chat with like-minded investors.

Read more

@Copyright 2024 by tradinglounge.com

Contact Us

Australian no: 02 4787 6020

International no: +61 (2) 47876020

Pay with:

Find us on