Case study of SBI

EOD 7.9 2012

As previous low of 1802 remains unbreached,I am wondering which of following two labels to adopt???

EOD 21-09-2012

So when we see it vis-a-vis 7-9-12 charts,it becomes clear that the black channel provided support and breach of blue channel seems to confirm bottom formation at 1802. The two lows of 1802 & 1815 may be see as a double bottom and all dips to be bought for target at black channel top.

And therefore most plausible EW labels:

Week ending 28-09-2012

The daily charts are showing that prices are dropping below trendline---- coming week may see some consolidation/retracement after the fast & furious run-up. The blue trendline may get back-tested during coming week. Weekly pivot is now 2230

Negative divergence is visible on Hour charts

But the first dip may remain limited to 2170(as sw4 of the upward Impulse) and we may see a fresh top above 2278 during the week. And if that fresh top leads to a negative divergence on Daily charts as well that would be interesting.

A close below 2170,however,would mean that an intermediate top has been formed at 2278 and a deeper retracement has set in.(For Impulse 1815-2278)