Friday, May 14, 2010

State Bank of India: Elliott Wave Update

SBIN, seems to have completed wave 2 top at 2347. Open for wave 3 down, with target for 1405. REcall in Dec 09, i had posted a charts of banks calling top. The top posted for SBIN then, has not been breached. In fact, based on that post, i reckon a target of Rs. 1000 for SBIN. 

Following is the chart, i had posted then:

Link to the image

Now, a closer scrutiny of the chart above suggests the first fall frm Jan 2007 been named as W-X-Y (3 down), rise again from bottom named as A-B-C (3 wave up),where the up wave retraced the entire down move. Now making first down move as A, then the top as B on primary degree. For now, based on the top, we are headed for 5 wave down to complete wave C, which can be equal to wave A or 1.618 of wave A. At equal to wave A, would put a target of Rs. 950 - Rs. 1000 on SBIN.

Current Scenario: Currently i am marking the top as at 2347 as wave 2 end, with target of wave 3 been Rs. 1405.

Refer current chart:

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