After a stellar impulsive rise, South Indian Bank seems to be taking a short trip south — just to refuel for its next northern journey.
The weekly chart unfolds a beautiful Elliott Wave sequence, where Wave 5 of (3) topped precisely at ₹40.30, aligning exactly with the 2.618 Fibonacci extension of Wave 1 (₹22.30–₹26.95) projected from Wave 4 (₹28.11).
Such precision often signals wave exhaustion — and that’s what we’re seeing now, as prices cool off from the climax of Wave (3). The retracement zone between ₹31.30 (0.5) and ₹29.18 (0.618) may act as a potential support area for the upcoming Wave (4).
Interestingly, the broader price curvature hints that this Wave (4) correction might also sculpt a handle-like structure, completing a larger cup base before Wave (5) takes the lead. But that’s a story for later — for now, the textbook Fibonacci alignment deserves the spotlight.
Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Please do your own research (DYOR) before making any trading decisions.
The weekly chart unfolds a beautiful Elliott Wave sequence, where Wave 5 of (3) topped precisely at ₹40.30, aligning exactly with the 2.618 Fibonacci extension of Wave 1 (₹22.30–₹26.95) projected from Wave 4 (₹28.11).
Such precision often signals wave exhaustion — and that’s what we’re seeing now, as prices cool off from the climax of Wave (3). The retracement zone between ₹31.30 (0.5) and ₹29.18 (0.618) may act as a potential support area for the upcoming Wave (4).
Interestingly, the broader price curvature hints that this Wave (4) correction might also sculpt a handle-like structure, completing a larger cup base before Wave (5) takes the lead. But that’s a story for later — for now, the textbook Fibonacci alignment deserves the spotlight.
Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Please do your own research (DYOR) before making any trading decisions.
WaveXplorer | Elliott Wave insights
📊 X profile: @veerappa89
📊 X profile: @veerappa89
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
WaveXplorer | Elliott Wave insights
📊 X profile: @veerappa89
📊 X profile: @veerappa89
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.