SBIN has completed a five-wave impulsive advance following a breakout from a prolonged Wave 4 consolidation phase, confirming structural strength in the larger trend. The recent rally leg can be interpreted either as Wave 5 of a larger degree advance or as Wave 1 of a new impulsive sequence.
However, under both interpretations, the current structure suggests that a corrective phase is likely before further directional clarity emerges.
With the stock trading at CMP ₹1206, prices are now approaching upper extension zones, increasing the probability of retracement towards key Fibonacci support levels. While a marginal higher high cannot be ruled out — particularly in the case of a developing ending diagonal formation — the risk-reward at current levels appears skewed toward a corrective pullback.
Initial invalidation level: ₹1226
(A sustained move above this level would weaken the immediate bearish view; however, broader caution persists even if marginal new highs are registered.)
On the downside, key retracement objectives are projected at:
₹815
₹690
₹560
These levels correspond to significant Fibonacci retracement zones of the prior impulsive advance. Until price decisively sustains above resistance, the broader setup favours corrective downside risk in the medium term.
However, under both interpretations, the current structure suggests that a corrective phase is likely before further directional clarity emerges.
With the stock trading at CMP ₹1206, prices are now approaching upper extension zones, increasing the probability of retracement towards key Fibonacci support levels. While a marginal higher high cannot be ruled out — particularly in the case of a developing ending diagonal formation — the risk-reward at current levels appears skewed toward a corrective pullback.
Initial invalidation level: ₹1226
(A sustained move above this level would weaken the immediate bearish view; however, broader caution persists even if marginal new highs are registered.)
On the downside, key retracement objectives are projected at:
₹815
₹690
₹560
These levels correspond to significant Fibonacci retracement zones of the prior impulsive advance. Until price decisively sustains above resistance, the broader setup favours corrective downside risk in the medium term.
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.