ICICI Bank: A big triangle pattern since 2008!

The below research is picked from "The Financial Waves" daily research report by Waves Strategy Advisors. For subscribing to this report  which has Nifty along with 3 different stocks visit http://wavesstrategy.com/index.php/store.html

ICICI Bank Weekly chart: 

            Wave Analysis:

In last trading session, we observed strong buying in Indian Equity Markets. Bank Nifty and PSU Bank were up by almost 3.5% each. ICICI Bank was up by more than 5%, which suggest upside momentum is building up in this stock.

As shown in weekly chart of ICICI Bank, from last 3 weeks prices are trading in the range of 1090 and 1000. Yesterday’s up move has brought prices near the upper resistance of the range. So, any move above 1090 is necessary to continue this up move, otherwise more sideways action is possible.

As marked on weekly chart, prices are moving higher in intermediate wave B and have already retraced more than 61.8% of the intermediate wave A. Hence, indicating that it is moving in flat correction pattern. As per this wave counts one leg should come on downside in the form of intermediate wave C. However, this scenario remains valid as long as 1250 is intact on upside. Any move above 1250 will indicate that triangle pattern which is since 2008 completed at 750 in the form of wave E and moving higher in form new wave structure. But, as of now we have not got any confirmation, so above mentioned counts remains valid.

As per time perspective, yesterdays up move has retraced prior down move from 1090 to 1010 in faster time. If, today we see closing above 1090 then it will provide confirmation from time as well as from price perspective.

In short, as long as ..............is intact positive possibilities are open. Any move above........

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