28 Aug 2020 ● 07:34 AM
On the hourly chart of Indusind bank we can see wave III breaking up into 5 waves. Within this minor wave v=i was achieved near 635 and the hourly RSI is at 89, making it overbought. Wave III can complete here based on this and a wave IV pullback cannot be ruled out. If that happens I would expect a retest of the minor wave iv low near 595 at some time. The medium term trend would remain in tact this is only a 1-2 day scenario to watch out for and should be educational given the very text book 5 waves in wave III that I can see.