EW & Gann Analysis: SBI could test 228 and then may be 220


As per Gann and Elliott Wave Analysis on SBI , it may first reach 228, first , based on AB= CD pattern. lower it can reach 220. 221 is also the previous swing low of sept fall. Lets see, what happens.

Also, in the smaller AB=CD, if the pattern is actually AB= Wave 1 or A, BC=Wave2 or B, then we may see a Impulsive 3 or C, in the form of CD.

The AB if you see has fallen in 5 waves , which on larger scale is wave 1 or A, and the upside of bigger BC= Wave 2 or B , then bigger C or 3 Could also unfold which could take it to below 200 levels. But I am not considering this case unless there is a close below 220 levels.

There is also a bigger AB = CD , that can take it below 200. However, right now expecting it to hold the 220 levels.

As per Gann Analysis, SBI will also be in downtrend till mid December. Also, the fall might have got triggered coz of Sun Saturn conjunction. Last time Sun Saturn Square in August brought the fall in the market.

SBIN - Alternate 2 - Dec-03 2128 PM (1 day)

Also Read :

EW & Gann Analysis: Reliance Power about to complete its 5th of 5th of 5th and merged with Gann Cycles

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