sbi analysis

#1
sbi analysis help

hi friends,
i m new to traderji.
i m posting a chart of sbi .
would be grateful if you can analyze & help me with my analysis.
any suggestion is welcome.
u r free to add ur comments.

i m having buy@ 270

thanks in advance.
 

Attachments

Last edited:

detrich

Active Member
#2
Hi ABHI,
Excellent chart analysis and maintenance of Wave count. It's one of the best trendline analysis I've seen.

I'm curious do you use any other indicators for confirmation? For e.g. just to make sure the wave 4 is really wave 4 and not A(Retrospectively I see there was an upside breakout.) But still to be sure I'd recommend using volume and 63-Day ROC to confirm it. Why 63 day? Because it smoothens out Wave 3 spikes and weekly volatility. This helps in spotting true divergencea
Also what I feel is Elliot Wave Theory count becomes easier on Weekly data.
Also to make entry/exit in the Wave, a moving average is required.

There you've my analysis and methods I'd use. My friend I'd love to hear your views. Also by evening I'll post my analysis base on above suggestions.

Have fun and thank you so much for the opportunity to share.
 

john302928

Well-Known Member
#3
Hi ABHI,
Excellent chart analysis and maintenance of Wave count. It's one of the best trendline analysis I've seen.

I'm curious do you use any other indicators for confirmation? For e.g. just to make sure the wave 4 is really wave 4 and not A(Retrospectively I see there was an upside breakout.) But still to be sure I'd recommend using volume and 63-Day ROC to confirm it. Why 63 day? Because it smoothens out Wave 3 spikes and weekly volatility. This helps in spotting true divergencea
Also what I feel is Elliot Wave Theory count becomes easier on Weekly data.
Also to make entry/exit in the Wave, a moving average is required.

There you've my analysis and methods I'd use. My friend I'd love to hear your views. Also by evening I'll post my analysis base on above suggestions.

Have fun and thank you so much for the opportunity to share.
Dear Detrich, I am waiting to see your chart.

Dear Abhi, Its an excellent chart. From tomorrow onwards we might see its correcting waves. Now they have started charging for customers for this & that. today I came to know that now onwards they are going to charge customers for using locker also. Only 12 times in a year are free and if you open your locker for more than 12 times then customer is liable to pay. Looks like SBI management gone stupid. They will see its effect in its share price and in the coming quarters. lol. Anyway technical is aligned for correction. Cheers
 
Last edited:

detrich

Active Member
#4
Dear John,


Sorry for the delay I was caught in some personal work. But here I'm and my take on SBI. On Wednesday the 5th wave was confirmed on different time frame. But there was an odd spike on wave 3. The second peak though made a higher high but the ROC showed lag in wave 3 it shouldn't happen and the subsequent correction was made on heavy volume indicating some heavy selling. But then if we count the zig zag bar then Wave 3 looks like ABC which is not possible. Hence logically it could be counted as Wave 5 but then wave 5 cannot be so short when wave 3 though powerful but not so long enough to create protracted 5. Here weekly charts come in handy. It smoothened out the spike.

As for your analysis of SBI falling tomorrow I agree with you. There would be sideways movement because the stock is overbought as confirmed by 5-day EMA. But nothing beyond 20 Day EMA.

Benefit of using 63 Day ROC. On 14Day ROC you'll find there is a huge divergence between current breakout above 280. This can be taken as bearish sign. But
If you check the 63 day ROC you'll find the breakout. Hence you'd not be chasing false divergence.

Thanks for your valuable time.
For your perusal I've added links to the charts
 

john302928

Well-Known Member
#5
Dear John,


Sorry for the delay I was caught in some personal work. But here I'm and my take on SBI. On Wednesday the 5th wave was confirmed on different time frame. But there was an odd spike on wave 3. The second peak though made a higher high but the ROC showed lag in wave 3 it shouldn't happen and the subsequent correction was made on heavy volume indicating some heavy selling. But then if we count the zig zag bar then Wave 3 looks like ABC which is not possible. Hence logically it could be counted as Wave 5 but then wave 5 cannot be so short when wave 3 though powerful but not so long enough to create protracted 5. Here weekly charts come in handy. It smoothened out the spike.

As for your analysis of SBI falling tomorrow I agree with you. There would be sideways movement because the stock is overbought as confirmed by 5-day EMA. But nothing beyond 20 Day EMA.

Benefit of using 63 Day ROC. On 14Day ROC you'll find there is a huge divergence between current breakout above 280. This can be taken as bearish sign. But
If you check the 63 day ROC you'll find the breakout. Hence you'd not be chasing false divergence.

Thanks for your valuable time.
For your perusal I've added links to the charts
Hi Thank you for sharing your views. Unfortunately I couldnt get how you use 63 day roc to confirm the wave counts as you stated in your previous post. Could you please say a word on that because I am more interested to know the wave you confirm the counts using 63roc
 

detrich

Active Member
#6
Hi John,


The idea is this ROC and Momentum indicator calculate the magnitude of the price movement. Ideally in a reliable and good uptrend each peak should form quicker then the last peak. Hence the momentum should not show any divergence from pek. As I said in last post. The 14 day ROC fails to register the 3 extended move and instead shows the stock had peaked before and this upmove could be a bearish B wave correction move. But by using 63 day ROC it has been conclusively observed that there is 1 more peak left for this stock
 

john302928

Well-Known Member
#7
Hi its not helping. Requesting you to mark EW on ROC chart , Couldnt quite get exactly how you are figuring it out.
there was a peak in roc-63 on 22 aug and 16 nov 2016. How did you conclude the the peak on 16 nov was not wave 5 peak?

Please show using chart.
 

detrich

Active Member
#8
Hi,

It's really selfexplanatory if check the ROC reading with the waves I've marked.

I can explain but cannot understand it for you.
 
#10
currently cross confirmed with senior research analyst of SSJ finance. He has given target of 405-551. My target exceed due to extension of 2.618%. I will recount when 1.618 reached if required. this is done upto wave 3 of highest degree.
 
Last edited:

Similar threads