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.
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Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.