ICICI BANK One day chart Elliott Wave technical analysis
Function: Counter Trend (Intermediate degree, orange).
Mode: Corrective.
Structure: Impulse.
Position: Minute Wave ((ii)) Navy.
Details: The larger degree impulse Wave (5) Orange, looks complete. Further, the stock has produced Minute Wave ((i)) Navy and Wave ((ii)) as projected earlier. Expect a turn lower from here as Minute Wave ((iii)) resumes. No change
Invalidation point: 1260-90.
ICICI Bank Daily Chart Technical Analysis and potential Elliott Wave Counts:
ICICI Bank daily chart indicates a potential major top in place around 1260 mark in July 2024. The stock might have turned lower already against 1260 high and a medium term target could be 1050 initial support, Minor Wave 4 Grey.
Along with major banks, ICICI has also produced an impressive rally since March 2022 after terminating Intermediate Wave (4) around 640-45 mark. The stock has nearly doubled at 1260 subdividing into five waves, potentially terminating Intermediate Wave (5) Orange.
If the above proposed structure holds well, the stock could produce a larger degree corrective drop against 1260 high. Alternatively, Minor Wave 3 Grey might have terminated at 1260 and Minor Wave 4 could be underway now.
ICICI BANK Four-hour chart Elliott Wave/technical analysis
Function: Counter Trend (Intermediate degree, orange).
Mode: Corrective.
Structure: Impulse.
Position: Minute Wave ((ii)) Navy.
Details: The larger degree impulse Wave (5) Orange, looks complete. Further, the stock has produced Minute Wave ((i)) Navy and Wave ((ii)) as projected earlier. Expect a turn lower from here as Minute Wave ((iii)) begins to unfold.
Invalidation point: 1260-90.
ICICI Bank 4H Chart Technical Analysis and potential Elliott Wave Counts:
ICICI Bank 4H chart clearly indicated a five wave rally between 1050 and 1260 levels, which is marked as termination of Wave 5 Grey. Furthermore, prices might have carved lower degree Waves ((i)) and ((ii)) around 1155 and 1240 levels respectively.
If correct, Minute Wave ((iii)) Navy should begin to unfold lower from here and prices staying below 1260 mark. A break above 1260 would void the bearish outlook and suggest Wave 5 Grey is extending.
Conclusion
ICICI Bank should prepare to unfold Minor Wave (((iii)) Navy lower from current levels (1224) against 1260 high.
Technical analyst: Harsh Japee.
ICICI BANK one day chart Elliott Wave technical analysis [Video]
As with any investment opportunity there is a risk of making losses on investments that Trading Lounge expresses opinions on.
Historical results are no guarantee of future returns. Some investments are inherently riskier than others. At worst, you could lose your entire investment. TradingLounge™ uses a range of technical analysis tools, software and basic fundamental analysis as well as economic forecasts aimed at minimizing the potential for loss.
The advice we provide through our TradingLounge™ websites and our TradingLounge™ Membership has been prepared without considering your objectives, financial situation or needs. Reliance on such advice, information or data is at your own risk. The decision to trade and the method of trading is for you alone to decide. This information is of a general nature only, so you should, before acting upon any of the information or advice provided by us, consider the appropriateness of the advice considering your own objectives, financial situation or needs. Therefore, you should consult your financial advisor or accountant to determine whether trading in securities and derivatives products is appropriate for you considering your financial circumstances.
Recommended content
Editors’ Picks
![EUR/USD extends losses toward 1.1000, US PMIs awaited](https://editorial.fxstreet.com/images/Markets/Currencies/Majors/EURUSD/money-59004818_XtraSmall.jpg)
EUR/USD extends losses toward 1.1000, US PMIs awaited
EUR/USD resumes the downside toward 1.1000 in the European session on Tuesday. The pair stays on a slippery slope, courtesy of the sustained US Dollar recovery, a cautious mood and uncertainty around the ECB's rate outlook. US ISM Manufacturing PMI awaited.
![GBP/USD drops back toward 1.3100 ahead of US PMI data](https://editorial.fxstreet.com/images/Markets/Currencies/Majors/GBPUSD/iStock-472155766_XtraSmall.jpg)
GBP/USD drops back toward 1.3100 ahead of US PMI data
GBP/USD has come under renewed selling pressure, eyeing 1.3100 in European trading on Tuesday. A fresh US Dollar uptick and a risk-averse market environment bode ill for the pair, as traders shift their focus to the US ISM manufacturing PMI data for fresh trading impetus.
![Gold seesaws as traders fold their arms ahead of labor market data](https://editorial.fxstreet.com/images/Markets/Commodities/Metals/Gold/Gold_Bar_XAU_Precious_Metal_XtraSmall.jpg)
Gold seesaws as traders fold their arms ahead of labor market data
Gold trades around $2,500 as risk recedes, markets are calm, and the US Dollar recovers marginally. Traders await US labor market data this week before determining their next moves.
![Bitcoin and Ethereum whale activity declines 50% while BTC, ETH accumulation continues](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/bitcoin-39275418_XtraSmall.jpg)
Bitcoin and Ethereum whale activity declines 50% while BTC, ETH accumulation continues
Bitcoin and Ethereum whale activity has slowed down since mid-March 2024 when it hit its peak this year. In March 2024, Bitcoin and Ethereum prices hit a peak of $73,777 and $4,093. The two largest cryptocurrencies have noted a correction in their prices since then.
![Week ahead: US labour data and the BoC rate announcement in focus](https://editorial.fxstreet.com/images/Macroeconomics/EconomicIndicator/Employment/NFP/working-america-gm173864680-9188844_XtraSmall.jpg)
Week ahead: US labour data and the BoC rate announcement in focus
With US Federal Reserve Chair Jerome Powell’s recent speech at the Jackson Hole Symposium confirming that it is time to begin easing policy as well as underlining the importance of the jobs market, this week’s jobs data may help determine how the Fed approaches its easing cycle.
![Moneta Markets review 2024: All you need to know](https://editorial.fxstreet.com/images/IT/Testing/Review/FXSBadgeCertifiedBackg_XtraSmall.png)
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.