Wave analysis:

“As shown in daily chart of ICICI Bank, since 2016 this stock has continued to move in an upward moving channel. This time prices have failed to reach towards the channel resistance and have started to show weakness. Moreover this reversal has taken place when 70 days Time cycle was due in last week. This cycle has worked as important topping cycle in the past occasions and hence one should not ignore the same. In the current week prices have taken out low of prior week’s lows which will keep bias on negative side. MACD is also moving below signal line which indicates bearishness.

(The internal wave counts is shown on 60 mins chart which is shown in original report)
 
As shown in 60 mins chart, recently prices have broken the blue channel support and as of now hovering around the same. The fall was sharp in nature which increases the odd that minute wave (e) of minor wave e might have completed. Prices have also formed tilted Head and shoulder pattern which is a reversal pattern and forms during the stage of distribution. On upside ……. is the important resistance.
 
In short, ICICI Bank is now at important levels. Close below ….followed by break of low of wave (d) near ….will confirm the bearish outlook. Please note breaking of pivot support levels is important in the current market scenario.”

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Training on Time cycles using Gann, Hurst’s method combining with Neo wave – Advanced Elliott wave – Attend the two days seminar on 18th and 19th March 2017 – Most advanced technical analysis training ever. These methods are not easy to implement so you can share across your charts and findings on our Discussion Forums and get inputs to keep the learning ongoing in most practical ways. More details on Neo wave and Time cycles. Few Seats left. This can be one of the best investments you can make!

Wave analysis:

“As shown in daily chart of ICICI Bank, since 2016 this stock has continued to move in an upward moving channel. This time prices have failed to reach towards the channel resistance and have started to show weakness. Moreover this reversal has taken place when 70 days Time cycle was due in last week. This cycle has worked as important topping cycle in the past occasions and hence one should not ignore the same. In the current week prices have taken out low of prior week’s lows which will keep bias on negative side. MACD is also moving below signal line which indicates bearishness.

(The internal wave counts is shown on 60 mins chart which is shown in original report)
 
As shown in 60 mins chart, recently prices have broken the blue channel support and as of now hovering around the same. The fall was sharp in nature which increases the odd that minute wave (e) of minor wave e might have completed. Prices have also formed tilted Head and shoulder pattern which is a reversal pattern and forms during the stage of distribution. On upside ……. is the important resistance.
 
In short, ICICI Bank is now at important levels. Close below ….followed by break of low of wave (d) near ….will confirm the bearish outlook. Please note breaking of pivot support levels is important in the current market scenario.”

To know in-depth research on Nifty and 3 stocks on daily basis subscribe to “The Financial Waves Short Term Update”

Training on Time cycles using Gann, Hurst’s method combining with Neo wave – Advanced Elliott wave – Attend the two days seminar on 18th and 19th March 2017 – Most advanced technical analysis training ever. These methods are not easy to implement so you can share across your charts and findings on our Discussion Forums and get inputs to keep the learning ongoing in most practical ways. More details on Neo wave and Time cycles. Few Seats left. This can be one of the best investments you can make!