As per the current wave structure, SBI is expected to push very slightly higher and then give us a drop to 235 - 230 level before the big bullish wave occurs.
The short idea is purely subjective and is not an advice to trade.
You will get short term buys until it breaks the current uptrend. Once it breaks the top marked, get your best short opportunity. Manage the trade well to get maximum profits.
This direction forecasted is purely subjective. Trade with a good strategy :)
Either of the 2 scenarios will happen. There is an upcoming short opportunity for E/U. Either it has to break the top and go down. Or if it breaks the current trend, wait for a flag and go for short. But in the 2 nd case, it may give one more wave to break the top. so trading the second case should be with caution and should trail stops immediately.
Best buying opportunity for about 50pips. You get RR of 1:2. Expecting the move in 24-48 hours from now. Idea is invalidated if the price closes below previous low.
TP: Entry +50 pips
SL: Entry -25 pips
Please keep in mind that the overall sentiment for this pair is currently bearish. Howerver, a 50 pip move to the upside is very much possible for short term gain
Currently expecting it to break the top and reverse. Not sure whether this could give us the deep correction. However a massive correction is due which could potentially happen before the end of October