26 Sep 2014 ● 05:46 AM
Am still waiting for a retracement as stocks trace out five waves down on hourly charts, SBI hourly chart below shows the recent sell off as a clear 5 down. So a pull back to the wave iv high near 2441 or 38.2% at 2460 is what i would expect before another round of selling can start.
ICICI - another bank stock shows a similar pattern. 1507 is 38.2% retracement.