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29 Sep 202011:20 AM

SBI developed a triangle into the month of August [blue lines] from where I was anticipating wave c to continue till 260 because that is where C = a would be achieved. As you can see the wave was shorter than expected. The entire move into the August top should be marked as a larger degree wave A and from there we have fallen in the zigzag [a-b-c] in wave B down to 175.5. As long as you stay above 175.50 and break out of the falling trend line above 184, we can anticipate that wave C up has started. Wave C can either to the top end of the channel near 246 or if C = A then we get a level of 274. Remember that, when we mark the advance as ABC then we are considering the entire move to be counter-trend in nature. This is in line with my wave count for the PSU bank index that is developing an X wave. In short, a countertrend move long-term does not make a great case for the investment side, but for traders wave C either of smaller degree a larger degree can be very interesting because of the short-term momentum that it gives you.

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