STATE BANK OF INDIA Elliott Wave Analysis – Trading Lounge Day Chart
STATE BANK OF INDIA Elliott Wave Technical Analysis
FUNCTION: Counter Trend
MODE: Corrective
STRUCTURE: Orange Wave 2
POSITION: Navy Blue Wave 5
DIRECTION NEXT HIGHER DEGREES: Orange Wave 3
DETAILS: Orange Wave 1 has completed; Orange Wave 2 is currently in progress.
The daily Elliott Wave analysis for STATE BANK OF INDIA outlines a corrective counter-trend formation, signaling a temporary price retracement within the broader trend framework. The correction is occurring as Orange Wave 2, nested within Navy Blue Wave 5, part of the larger Elliott structure. This behavior is typical of a temporary pullback before the main trend resumes.
With Orange Wave 1 likely finalized, Orange Wave 2 begins its corrective development. This aligns with expected Elliott Wave behavior, where Wave 2 commonly retraces a portion of Wave 1. The next key phase is projected to be Orange Wave 3, which will emerge once the current correction completes, potentially initiating a stronger price move aligned with the broader wave direction.
Present signals indicate that STATE BANK OF INDIA is progressing through Orange Wave 2. This phase may involve sideways price action or light retracement, consistent with standard corrective market behavior. The wave’s placement within Navy Blue Wave 5 supports the ongoing corrective narrative.
STATE BANK OF INDIA Elliott Wave Analysis – Trading Lounge Weekly Chart
STATE BANK OF INDIA Elliott Wave Technical Analysis
FUNCTION: Bullish Trend
MODE: Impulsive
STRUCTURE: Navy Blue Wave 5
POSITION: Gray Wave 5
DIRECTION NEXT HIGHER DEGREES: Navy Blue Wave 5 (ongoing)
DETAILS: Completion of Navy Blue Wave 4 confirmed; Navy Blue Wave 5 in progress.
The weekly Elliott Wave outlook for STATE BANK OF INDIA highlights an impulsive bullish trend, currently unfolding as Navy Blue Wave 5, part of a broader Gray Wave 5 structure. This setup typically indicates strong momentum with potential for continuation before the trend completes.
The end of Navy Blue Wave 4 has likely been reached, giving way to Navy Blue Wave 5, which traditionally represents the final leg in a classic five-wave impulse sequence. This phase often shows significant strength, signaling a sustained bullish move.
With technical indicators supporting this outlook, STATE BANK OF INDIA may continue to show upward momentum, though traders should stay alert for any early signs of exhaustion or reversal, typical near the end of a fifth wave.
Technical Analyst: Malik Awais
Source: Visit Tradinglounge.com and learn from the Experts. Join TradingLounge Here
Previous: MAHINDRA & MAHINDRA Elliott Wave Technical Analysis
VALUE Offer - $1 for 2 Weeks then $29 a month!Click here
Access 7 Analysts Over 200 Markets Covered. Chat Room With Support
