ICICI bank looks over bought with RSI indicator moving above over bought zone. On charts using Elliot wave theory and analysis, a 5 wave impulse move is likely over
When connecting 641 & 809 to arrive at fibonacci extension levels, we clearly see that 942 has clear cut resistance. This goes hand in hand with 5 wave movement upward
Expect the stock to correct from current levels to first 888 & then to 873. However if the stock moves past 942 then it can take it close to 955 before seeing a correction
Next move Prediction
If stock does not get past beyond 942 then a correction will start which confirms wave A formation and that can it down to 888 to 873 levels before seeing an upmove formed by wave B
On ICICI Bank futures, we see increase in open interest with gain in price, which suggests upward movement. However this correction is not going to be a big fall but a minor correction post which next upward movement will start
Swing traders allow the stock to slightly correct and then buy at the above mentioned levels to see more gain
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