31Oct

State Bank of India Stocks Elliott Wave Technical Analysis: Interpret Current Trends and Potential Future Price Movements

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

SBIN Elliott Wave Technical Analysis

Function: Counter Trend (Minor Degree, Grey)

Mode: Motive

Structure: Impulse within Larger Degree Zigzag

Position: Minor Wave 2

Details: Minor Wave 2 (Grey) may now be complete near the 850 level, aligning with the previous Wave ((iv)) of a lower degree. If this analysis holds, Wave 3 could soon commence.

Invalidation Point: 910

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

The daily chart of State Bank of India indicates that the stock might have completed its broader uptrend around the 910 mark, with Intermediate Wave (5) (Orange) potentially truncated. Alternatively, Minor Wave 5 within (5) may be extending or subdividing relative to the 730 low.

In February 2023, State Bank of India completed Intermediate Wave (4) (Orange) near 500. Since then, the chart has displayed Minor Waves 1 (Impulse), 2 (Expanded Flat), 3 (Impulse Extension), 4 (Zigzag, Sharp), and 5 (Truncated), culminating near the 910 high.

Assuming this analysis is accurate, the stock has turned downward from 910, beginning a larger corrective phase. Minor Wave 1 (Impulse) and Minor Wave 2 (Flat) appear completed around the 840-850 range. If this trend continues, Minor Wave 3 could now be in motion.

 

STATE-BANK-OF-INDIA-...


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

Function: Counter Trend (Minor Degree, Grey)

Mode: Motive

Structure: Impulse within Larger Degree Zigzag

Position: Minor Wave 2

Details: Minor Wave 2 (Grey) seems to have concluded near 850, aligning with the previous Wave ((iv)) of a lesser degree. If this holds true, Wave 3 may soon emerge. The Fibonacci 0.50 retracement of Wave 1 has been tested, leaving room for a potential 0.618 level test before Wave 3 resumes.

Invalidation Point: 910

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

The 4H chart of State Bank of India emphasizes the sub-waves following Minor Wave 3’s peak near 910. Minor Wave 4 saw a sharp pullback, ending near 730 on June 4, 2024. Minor Wave 5 potentially displays a truncation around the 900 mark.

If accurate, a larger corrective wave is likely underway, with Minor Waves 1 and 2 now completed near 765 and within the 840-850 range, respectively. Alternatively, Minor Wave 5 may continue to extend, driving prices above the 900 threshold.

Technical Analyst: Harsh Japee

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

Previous: Larsen & Toubro Elliott Wave Technical Analysis

VALUE Offer - Buy 1 Month & Get 3 Months!Click here

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

STATE-BANK-OF-INDIA-...


Conclusion:

State Bank of India is moving lower, with Minor Wave 3 (Grey) expected to continue below the 910 level.

Related

Unlocking Profitable Trading Strategies with CSL Limited ASX Analysis Using Elliott Wave Technical Analysis

Unlocking Profitable Trading Strategies with CSL Limited ASX Analysis Using Elliott Wave Technical Analysis

Delve into CSL Limited (CSL) shares on the Australian Stock Exchange (ASX) using Elliott Wave analys...

Read More >
XRPUSD Elliott Wave Technical Analysis: XRP Price Prediction, Trading Strategy, and Technical Indicators

XRPUSD Elliott Wave Technical Analysis: XRP Price Prediction, Trading Strategy, and Technical Indicators

This article provides a comprehensive XRPUSD Elliott Wave analysis, highlighting the price predictio...

Read More >
Commodity Market Report  Elliott Wave Analysis

Commodity Market Report Elliott Wave Analysis

Commodities | Latest News & Elliott Wave Analysis: US Bond Yields, Forex USDJPY, EURUSD, GBPUSD, AUD...

Read More >
WTI Crudeoil Commodity Elliott Wave Technical Analysis: Highlights Significant Support and Resistance levels to watch

WTI Crudeoil Commodity Elliott Wave Technical Analysis: Highlights Significant Support and Resistance levels to watch

This article provides an in-depth Elliott Wave analysis of WTI crude oil, focusing on its bearish cy...

Read More >
Unlocking Profit Potential with Elliott Wave Analysis for Binance Coin (BNBUSD) Trading - 13th February 2024

Unlocking Profit Potential with Elliott Wave Analysis for Binance Coin (BNBUSD) Trading - 13th February 2024

The February 13, 2024, Binance Coin (BNBUSD) Elliott Wave Analysis, explores cryptocurrency market t...

Read More >
Copper Elliott Wave Technical Analysis: Price Forecast, Key Levels, and Commodity Market Trends

Copper Elliott Wave Technical Analysis: Price Forecast, Key Levels, and Commodity Market Trends

This article provides a detailed Elliott Wave analysis of copper, highlighting key market trends, pr...

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