SBI Life Insurance – Rising Channel Breakdown with RSI Weakness

The stock completed a clear 5-wave impulse from ₹1,382.65 to ₹1,833.90.
Since then, the structure has turned corrective, unfolding as a possible W–X–Y pattern.

• Price action:
  Price broke below the rising channel, signaling fading momentum.
  Immediate support lies at ₹1,783, followed by ₹1,720, and a deeper level near ₹1,640.
  
• RSI observation:
  RSI has been sliding inside a falling channel since May, confirming weakening strength.
  Current reading is ~43.7, suggesting momentum is fading further.
  
• Trade bias:
  As long as price remains below ₹1,890 (stop-loss / invalidation), the structure favors further downside.
  Breakdown continuation could lead toward the ₹1,640 zone, which aligns with the projected end of Wave Y.
  

Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Please do your own research (DYOR) before making any trading decisions.