nirav5

Bearish setup on Kotakbank

NSE:KOTAKBANK   KOTAK MAHINDRA BAN
112 11 4
Current D leg suggests Bearish Bat pattern. However we need to check for the reversal. If Bearish Shark pattern is in the making than we can have D leg higher than X point.
Comment: As we were discussing, The pattern touched B point for its 2nd target.
Trade closed: target reached
update chart
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nirav5 anupminj7
@anupminj7, Hi, 15-20 % chances are there for the result to go past the 'A' point. It has gone past that.
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Good one Nirav ji. Also expect some more downside tomorrow I guess.
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nirav5 ShanTrader
Thanks Mate!
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what is the target ?
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how i can learn more about this pattern ?
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nirav5 anupminj7
These are Harmonic Patterns. Basically they are based upon channel breakouts and Fibonacci levels. They are very effective patterns for finding the reversals. Basically they provide good opportunity to buy low and sell higher.
You can find good material by Mr. Scott Carney. He is a well known author. Mr. Jason Stapleton and Mr. Akil Stokes are well known Harmonic traders and tutors too.

Plenty of material is also available online to get the basics.
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what is tp??
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nirav5 KADAMBALASAHEB
0.382 (around 800) can be the first target and 0.5, 0.618 can be further targets. You can also consider B point as a 2nd target. There is 15 to 20% chance that it can go till A or C point.
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THAKS
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