2 Jul 2020 ● 08:03 AM
SBI is now a beautiful inverted head and shoulders pattern. Wave 4 was the triangle in the left shoulder. The head in the 5th and wave 1 and 2 forming the right shoulder. This is as classic as it gets. The neckline is at 199.20. A close above that is needed for a neckline breakout. The recent low was at 177 and the classic pattern projection involves calculating the size of the head and pointing it from the breakout point above the neckline. This could be approx near 261.