ICICI Bank Complex Correction

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 ICICI Bank 4 hour chart


Analysis

As seen in the above chart, prices were consolidating in a descending triangle pattern which was broken on the lower side thereby giving a bearish breakout. Prices then tried to move higher and re-test the pattern trend line but not closed within the pattern. MACD is exhibiting sell signal and it is also below the center line.

From Waves perspective, the banking stock is moving in a complex correction where it completed wave W at 797 levels followed by wave X at 959 levels and wave Z is in motion where the first correction has started in which wave a and wave b is over and wave c on the downside is pending which can drag prices near to 920 levels followed by 910.

The summation is ICICI bank is negatively poised and can move down near to 920 levels followed by 910 over short term.

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