MCX india -a future multibagger

This analysis is not time dependent

1.A bullish cypher in formation of the CD downleg
2.The fibo wedge arc 1.618 also points to limitation of the downtrend
3.The downtrend is expected to halt that the weekly support S2
4. the bullish cypher is expected to push the prices up and the initial targets are mentioned according to 0.618DC of the cypher amd weekly R1
5.the median line of the Andrew pitchfork is expected to provide support on the down trend according to price magnet theory
Disclaimer...Not invested, interested and tracking fundamentals...This is not an investing/trading recommendation...
As you have asked about PF it is drawn perfectly. :)
sandipan.mch praveen.bhatiya
@praveen.bhatiya, anything else u want to add or disagree with sir? please opine..
praveen.bhatiya sandipan.mch
@sandipan.mch,Thanks for asking my view. My honest opinion : We should not force/project a pattern rather act upon completing it. I mean instead of applying the studies to find a zone where it forms Cypher pattern find a pattern and act upon it. Projected marking in your chart by Fib Arc falls in 2019, am I right? If ML of PF supports and arrests the price it would happen now. We can project the target of the pattern to do RR analysis. There are many ways to use the charts. May be you are right see what works for you.
sandipan.mch praveen.bhatiya
@praveen.bhatiya, i appreciate your views sir..! One more question, when u say the ML of PF will arrest the price, what happens next generally? can it not follow the ML on the downtrend also? or is it a rule that if ML is touched it reflects always?
praveen.bhatiya sandipan.mch
@sandipan.mch, Famous PF trader Tim Morge recommends trades from ML to Upper ML even in down sloping PF if price shows sign of strength at ML. My personal view is that it can not be taken as a rule. However, in this particular chart we can see it has a price support marked by blue line so I could think of a long but again I would not keep the target till UML.
sandipan.mch praveen.bhatiya
@praveen.bhatiya, excellent bhatiya sir.. thank u..
sandipan.mch praveen.bhatiya
@praveen.bhatiya, please ignore the fibo arc, it got messed up as i forgot to lock it before scaling....
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