Jun 12 Pattern is Bearish AB=CD , but here i am showing the beauty of opposite side of pattern.
AB = CD Harmonic Pattern
This pattern can be adopted to buy when prices are low and sell when they are high. But, here i am using it in Bullish view because it's CD leg is about to complete.
Few general points about this pattern are: 1. AB=CD is a reversal pattern that helps you identify when the price is about to change direction. 2. In an uptrend, the first leg (A-B) is formed as the price rises from A to B. 3. At point B, the price changes direction and backtracks to form the B-C leg – ideally a 61.8% or 78.6% retracement of the price increase between points A and B. 4. The price then, should continues its original uptrend, to form C-D leg which should be the same length as the A-B leg. 5. Place your stop loss just below 51 Moving Average.
Draw a new Fibonacci retracement from point B to C of the pattern to find how much it can retrace towards price rise.
According to price action, Price is never downtrend unless it closes below 66₹ thats where exactly is the major structure and price showed a good strength near that area. 🙏