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RBL Bank

1 Oct 202001:22 PM

RBL bank is once again attempting to start wave 3 up. We should have bottomed out in wave 2 given that momentum crossed over to the buy-side. Remember wave 1 was a clear 5 wave advance. The move up in X ended abruptly and is now marked as a corrective pattern. The fall from there inside a falling channel is wave Y. We have broken out of the channel and so I would like to believe that wave 3 finally started. 168.3 was the low point yesterday as the immediate swing support. The 20dma was at 176.35 and the upper band is at 193. Beyond these levels, 3=1 is as far as 318.

 

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