SBICARD: Technical Outlook, Breakout & Elliott waves Analysis

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Current Zoomed view


Daily MACD turned Positive


Trishul Activated in RK-Brahmastra 4Hourly


Breakout

Elliott Wave Analysis of SBICARD (SBICARD)

Overall View


Zoomed View


Overview:
SBICARD has displayed a promising Elliott Wave setup, indicating the potential unfolding of a bullish wave cycle. Recent breakout movements, supported by strong volumes and positive divergences across multiple time frames, suggest a bullish bias. With various technical indicators signaling bullish momentum, the stock appears poised for further upside. However, it's crucial to exercise caution and implement proper risk management strategies.

Detailed Analysis:

Wave Cycle Completion:

On the weekly chart, SBICARD seems to have completed a larger degree wave cycle, consisting of Wave ((1)) and Wave ((2)). This suggests a significant bullish trend underway.

Current Wave Structure:
Presently, the stock appears to be in Wave ((3)), which is typically the strongest and longest wave in Elliott Wave theory.
Within Wave ((3)), we have likely completed one lower degree Wave (1) and Wave (2), indicating the initiation of a new bullish impulse.

Positive Divergences and Breakout:

Multi-time frame positive divergences, combined with a breakout accompanied by substantial volume, support the bullish bias.
Both trend indicators and oscillators across various time frames align with the bullish sentiment, providing further confirmation.

Bullish Signals:

The activation of both Brahmastra and Trishul on the RK-Brahmastra indicator, along with all green signals, indicate strong bullish momentum.
The current price action suggests the unfolding of Wave iii of (i) of ((i)) of 1 of (3), highlighting the potential for significant upward movement.

Price Targets:

If the wave counts align perfectly, SBICARD could target levels near 1050 (Equality of Wave (1)) and 1278 (1.618 Extension of Wave (1)).
Strength above 790 levels could further bolster the bullish outlook.

Risk Management:

It's essential to note the invalidation level at 655 on the lower side. A breach of this level would indicate a potential deviation from the expected wave counts and warrant a reassessment of the bullish scenario.
Traders and investors should prioritize risk management and employ appropriate stop-loss strategies to mitigate potential losses.

Educational Disclaimer:
This analysis is provided for educational purposes only and should not be construed as trading advice or tips. Traders should conduct their own research and consult with financial professionals before making any investment decisions. Proper risk management is crucial in trading, and investors should be aware of the inherent risks involved in the financial markets.

Conclusion:
SBICARD presents an intriguing Elliott Wave setup, indicating the potential for a bullish wave cycle. Positive technical signals, along with strong volume breakout movements, support the bullish bias. However, traders should exercise caution, adhere to risk management principles, and remain vigilant for any changes in the market dynamics.

I am not Sebi registered analyst.
My studies are for educational purpose only.
Please Consult your financial advisor before trading or investing.
I am not responsible for any kinds of your profits and your losses.

Most investors treat trading as a hobby because they have a full-time job doing something else.
However, If you treat trading like a business, it will pay you like a business.
If you treat like a hobby, hobbies don't pay, they cost you...!

Hope this post is helpful to community
Thanks
RK💕

Disclaimer and Risk Warning.

The analysis and discussion provided on in.tradingview.com/u/RK_Charts/ is intended for educational purposes only and should not be relied upon for trading decisions. RK_Charts is not an investment adviser and the information provided here should not be taken as professional investment advice. Before buying or selling any investments, securities, or precious metals, it is recommended that you conduct your own due diligence. RK_Charts does not share in your profits and will not take responsibility for any losses you may incur. So Please Consult your financial advisor before trading or investing.