ICICI Bank: Ending Diagonal Pattern

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ICICI Bank Daily Chart



ICICI bank is currently moving in a wedge pattern. Wedge pattern is normally a reversal pattern. However, in ICICI Bank it seems that minor leg on the upside is pending. This minor swing can surge till 390-392 levels where the resistance of wedge is placed.

As per wave theory, this overlapping structure is termed as a ending diagonal pattern. The last leg wave v is still ongoing. After completing wave v, a dynamic move is expected which can make price tumble near till 330 levels which is near the support of wave iv.

Conclusion, prices can move in between 390-400 levels. However, this move will not be sustainable which will eventually make price falter till 330 levels over medium term.

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