We need to see support coming in 114-115 zone for the last leg to push up & kiss the desired zone as expected above.
Let us wait & see whether this & last leg can unite to form this federal structure desired by the bulls for so many months. Once this structure completes & it faces resistance in 128-130 zone. You all know what structure it could be? don't you - It is - simple.
Gartley- what will you do - Please tell your answer in comments.
Have a nice weekend.
Correction - Pattern is not gartley - It is bearish crab pattern
Last 117.70 Call is not active yet. It activates below 116.50 for short term down till 114.50-115 - if holds then we plan to buy for last leg attraction.
Pattern is just for reference & why it is not valid - a colleague asked me a question in comment.
kindly read harmonics & various types
name changed from gartley ( correction as suggested above) - It is crab pattern - so what
Haven't I given the execution level- Yes
Bearish Gartley was suppose to complete in 128-130 zone
Are we at that level- No
Please read how to execute the trade & do not become bias with patterns.
Patterns keep changing - Execution is fixed
Please read how to execute the trade & when to execute.
Yes -there is a correction in pattern name - instead of gartley it is crab - so what - I have changed the name- did it make any change -no
Because that pattern completes in 128-130 Zone.
Opened at 117.40
Yesterday went close to 116.50 at 116.70 odd levels & opened at 117.40 looks like a small pop up in the zone 119.119.50 so we shall be looking some resistance in that zone but surely safe call is below 116.50 short term downside to 114.50-115 zone.
heading close to 119.00 - 119.50 zone half distance covered.
Turns from 118.70
Staying in long position is little risky so we will wait outside - do your own analysis as moving below 116.50 likely drags down to 114.50-115 Next.
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ