ICICI Bank: Price targets using Elliott wave!

elliott wave ichimoku cloud icici bank Apr 29, 2024

Elliott Wave has helped us to navigate the trend for the stock. ICICI Bank moved as expected and achieved our target of 1137 levels. The stock moved much higher and made a high of 1151.15. You can also do that especially if you know how to combine Elliott wave along with technical indicators for powerful setups.

We published the following research on ICICI Bank pre-market on 24th April 2024 in

 "The Financial Waves Short Term Update which our subscribers receive pre-market every day   

ICICI Bank Anticipated as on 24th April 2024

Wave analysis as on 24th April 2024:

In the previous session, ICICI Bank formed a tiny bearish candle. Despite of it, the stock gave close above the previous day’s high. On the daily chart, we can see that Ichimoku cloud acted a perfect support. As from it prices witnessed bounced back on the upside.

Prices recently reversed form the internal channel support and now moving towards upper end of it. As per wave perspective, prices are moving up in form of wave e of Diametric pattern. As per guidelines wave e often tends to equality to wave c. As per this, there is great upside potential for the stock. For that a breach above 1100 is must.

In short, ICICI Bank looks bullish. A breach above 1100 is must for fresh buying to emerge with the targets of 1125 followed by 1137. While on the downside 1064 is the key support level.

ICICI Bank Happened as on 29th April 2024

Happened: We can see that how wave count has helped us to find out the trend reversal for ICICI Bank well in advance. After completing wave d near 1049 levels we had mentioned possibility of an up move in form of wave e and the stock moved as we expected. In today’s session, stock achieved our target. We derived target of 1137 levels which was achieved within just 3 trading sessions. Stock moved way higher and made high of 1151 which is more than 5% from the buying levels.