After topping at ₹1500, ICICI Bank has corrected over 10% into late September, carving out a clear W–X–Y corrective structure. The recent bounce from oversold RSI levels was expected, but price is now heading straight into the crucial resistance band near ₹1384.
Overall, the setup currently favors caution on rallies, with focus on whether sellers defend the resistance band.
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.
- A bearish reaction here would validate the ongoing correction, opening the path toward the next support / Wave (c) target at ~₹1317.
- However, any sustained move above ₹1432.80 would invalidate the bearish view and suggest a different structure in play.
Overall, the setup currently favors caution on rallies, with focus on whether sellers defend the resistance band.
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
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📊 X profile: @veerappa89
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WaveXplorer | Elliott Wave insights
📊 X profile: @veerappa89
📊 X profile: @veerappa89
Pubblicazioni correlate
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.