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SBI Life Insurance Co. Elliott Wave technical analysis [Video]

Peter Mathers TradingLounge

SBILIFE Elliott Wave technical analysis

Function: Larger Degree Trend Higher (Intermediate degree, orange).

Mode: Motive.

Structure: Impulse.

Position: Minute Wave ((v)) Grey.

Details: Minute Wave ((v)) looks complete around 1940 or could be soon terminating within Minor Wave 5 Grey of Intermediate Wave (5) Orange. Traders are advised to book profits here.

Invalidation point: 1667.

SBI Life Insurance Co. daily chart technical analysis and potential Elliott Wave counts:

SBI Life Insurance Co daily chart is suggesting a potential top in place around 1940 level on Tuesday, September 13, 2024. The stock has slipped lower at open alongside Nifty 50 Index and is trading close to 1910 at the time of writing.

SBI Life might have terminated its fifth wave at three different degrees; Minute, Minor and Intermediate as marked on the daily chart. The rally, which began from 1050 lows registered in March 2023 might be complete now.

If the above wave counts hold true, SBI Life should turn lower from here and a break below 1667, which is Minute Wave ((iv)), would further confirm that bears are back in control. Traders should be looking to book profits on the longs taken earlier.

SBILIFE Elliott Wave technical analysis

Function: Larger Degree Trend Higher (Intermediate degree, orange).

Mode: Motive.

Structure: Impulse.

Position: Minute Wave ((v)) Grey.

Details: Minute Wave ((v)) looks complete around 1940 or could be soon terminating around 1950 mark, within Minor Wave 5 Grey of Intermediate Wave (5) Orange. Traders are advised to book profits here.

Invalidation point: 1667.

SBI Life Insurance Co. four-hour chart technical analysis and potential Elliott Wave counts:

SBI Life Insurance Co 4H chart also indicates that Minute Wave ((v)) Navy might be complete at 1940 high. Near term support is seen through 1838; and a break lower should be the first sign of a larger reversal ahead. The stock might face strong resistance around 1950 mark.

Also note that fibonacci 1.618 extension of Minor Wave 5 is pointing towards 1951. It is quite possible that bulls attempt one last push before giving up. Either way, a potential top is near.

Conclusion

SBI Life Insurance Co might have terminated Minute Wave ((v)) within Minor Wave 5 Grey of Intermediate Wave (5) Orange around 1940.

SBI Life Insurance Co. Elliott Wave technical analysis [Video]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

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