INDUSIND BANK LTD
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INDUSINDBANK

This stock is forming head and shoulder pattern on weekly time frame, that can be a big bearish ahead. Right now we are at mid. Bollinger on daily chart, at 20DMA once its break and close below 20DMA then that would be a trigger point, Overall wave structure is also suggesting corrective structure ahead, after completion of impulse waves, we are in corrective phase as a zig-zag pattern as a A-B-C, possibly wave A and B are completed and right now we are in wave C of zig-zag, which can subdivide into 5 waves, if wave A and C are going to be equal then we can see 670 to 675, and on upper side nearest swing high and RK's stop line of weekly and daily would be a hurdles to watch out for, which are pegged at 1029, 950 and 925.

Overall wave structure on weekly chart
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Reverse Divergence
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Corrective wave structure
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RK's Momentum sell signal activated
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Mass psychological cloud and rk's stop line both in sell mode
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Price at 20DMA, ready to break
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Head and shoulder chart pattern in weekly, yet neckline to break
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Macd in weekly already in negative mode
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Macd in daily is down tick and converging towards south, that too below zero line
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Rsi in weekly down tick below 50
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Rsi in daily down tick below 50
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Disclaimer.
I am not sebi registered analyst.
My studies are for educational purpose only.
Please Consult your financial advisor before trading or investing.
I am not responsible for any kinds of your profits and your losses.
breakdowncorrectivestructureelliottwavecorrectionelliottwaveprojectionelliotwaveanalysiselliotwavecountTechnical IndicatorsindusindanalysisindusindbankindusindbksellTrend AnalysisWave Analysis

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Disclaimer.
I am not sebi registered analyst.
My studies are for educational purpose only.
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