Anayash, it's moving lower. I'd say 2019 is a good target.
BTW, EW is not my fortee, but I still know something about price action and the ichimoku, so let me share something in lieu of all 3. As far as the EW part is concerned, Mano can correct me where I might be mistaken.
Its looks very clear that from dip to peak that 5 waves were completed. IMO, that is why the market has had the virtual look of going east since then.
In terms of price action, one of 2 things has happened. Either it is consolidating for an explosive move north or momentum has given out on the UP for a reversal. Look at the peak, and then the sideways move. Also, in terms of Fibos, it has corrected 50% (Which is weak. It should be 61.8%.). In a subtle way it made a new dip, which means it is going lower.
If from current level it made it to 2500 the ichimoku would need a new altimeter because all laws of equilibrium would be violated. Also, within the context of EW (Mano, correct me if I'm wrong, as I'm only relaying only subtle observations here.), it is extremely unusual to see a very strong move after 5 waves is completed. I remember when the USD/CAD dropped to .9164 in 17 waves. It was like bait-n-breath as to when the reversal would be because each wave was so subtly small.
Nevertheless, within the context of my methodology, I'm saying it is headed south to 2019, and it could go even lower.
BTW, EW is not my fortee, but I still know something about price action and the ichimoku, so let me share something in lieu of all 3. As far as the EW part is concerned, Mano can correct me where I might be mistaken.
Its looks very clear that from dip to peak that 5 waves were completed. IMO, that is why the market has had the virtual look of going east since then.
In terms of price action, one of 2 things has happened. Either it is consolidating for an explosive move north or momentum has given out on the UP for a reversal. Look at the peak, and then the sideways move. Also, in terms of Fibos, it has corrected 50% (Which is weak. It should be 61.8%.). In a subtle way it made a new dip, which means it is going lower.
If from current level it made it to 2500 the ichimoku would need a new altimeter because all laws of equilibrium would be violated. Also, within the context of EW (Mano, correct me if I'm wrong, as I'm only relaying only subtle observations here.), it is extremely unusual to see a very strong move after 5 waves is completed. I remember when the USD/CAD dropped to .9164 in 17 waves. It was like bait-n-breath as to when the reversal would be because each wave was so subtly small.
Nevertheless, within the context of my methodology, I'm saying it is headed south to 2019, and it could go even lower.
SBIN Daily Chart
I have highlighted three candles on the chart with their lows mentioned!
Can this be considered as a triple bottom provided the 7th March 2012 low holds?
Moreover, is the 1-2-3 pattern still valid after the low of the 3 was broken by the latest candle but the low of 1 is still intact?
In that case, watch out for SBIN to take out 2500 decisively in the coming sessions!
I have highlighted three candles on the chart with their lows mentioned!
Can this be considered as a triple bottom provided the 7th March 2012 low holds?
Moreover, is the 1-2-3 pattern still valid after the low of the 3 was broken by the latest candle but the low of 1 is still intact?
In that case, watch out for SBIN to take out 2500 decisively in the coming sessions!
Wave 2 cannot retrace more than 100% of Wave 1.)
