Thesis: Long term-Elliot Wave Analysis of South India bank reveals a possible long term ABC correction to Fib 50-61% levels with positive divergences developing on the long term momentum indicators and oscillators like RSI showing strength coupled with volume on key break-out levels. The breakout might be the start of new up-trend with a new cycle of impulse up-waves.
Possible Strategy: Go "Long" at current levels (8-8.2) for a possible swing trade target to 9 levels (Fib. 23.6% retracement level) with stop loss below 7.7 levels (below the Daily Bollinger Band/ swing low). The levels offer a 2:1 Reward:Risk ratio. Holding period could be a few days.
Manage Risk. Trade Well.
Cheers
N$
Possible Strategy: Go "Long" at current levels (8-8.2) for a possible swing trade target to 9 levels (Fib. 23.6% retracement level) with stop loss below 7.7 levels (below the Daily Bollinger Band/ swing low). The levels offer a 2:1 Reward:Risk ratio. Holding period could be a few days.
Manage Risk. Trade Well.
Cheers
N$
