ICICI Bank

The daily momentum of ICICI bank has crossed over to the sell side after a couple of divergences, and if prices do not go past the recent high of 379 and break below 355 we may consider the entire structure from March to July is a triangle. The lower end of the triangle would then be at 307. It may be possible that prices decline to complete the triangle structure. A triangle usually has 5 waves marked is A-B-C-D-E with wave E being the last. Prices may eventually pick up again and it is not necessary that wave E exactly touches the lower trendline, in case of a truncated wave only a 61.8% retracement occurs. In short till momentum picks up again we need to be watchful offer pullback.