ICICI has formed a 1-2-3-4-5 impulse wave from May'20 lows. Note that Wave 2 was 61.8% retracement of wave 1 & wave 4 was 38.2% retracement of wave 3! Also, Wave 3 is way beyond 161.8% of wave 1. Also, while wave 3 broke past the pre-pandemic level, wave 4 quickly tested and bounced back from that level (550). This is a highly bullish sign.
Target for wave 5 = Wave 4 low + length of wave 3 (wave 1 length is below wave 3 high) ---- 890
After the post-earnings breakout, stock is forming a nice bull flag. Even if the flag doesnt work, after the gap is filled(765), the stock should fly. As long as stock is above 678, 890 target stays
Min target: 890
Stoploss: 678
Target for wave 5 = Wave 4 low + length of wave 3 (wave 1 length is below wave 3 high) ---- 890
After the post-earnings breakout, stock is forming a nice bull flag. Even if the flag doesnt work, after the gap is filled(765), the stock should fly. As long as stock is above 678, 890 target stays
Min target: 890
Stoploss: 678
Note
Perfect bull flag & gap fill as predicted. Watch for a breakout from hereOrder cancelled
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.