H.M. Gartley's most trusted harmonic pattern - Bullish Gartley could be right there in the zone 17450-17475 which is assumed to be potential reversal zone.
------------------------- Target ------------------------- 1st Target upside - 50 Period Moving Average = 17675
2nd Target upside- 17740 - where fall started on expiry day @ 30th Sep2021
------------------------------------------------ Stop Loss ( Avoid trading ) ------------------------------------------------ As a trader you should always know where you can go wrong. In current case - Potential Reversal Zone 17450-17475 can fail if Index fails to get the support.
Historically - 17430-17440 is another important zone which was 2nd Target in the idea published on 8th Sep2021 - Bullish Butterfly
Trade closed: target reached
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Target reached 17740 & Day High - 17751
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08:51 Hrs / 6th Oct2021
Nifty Update
Index short term could have a negative bias if holds strictly below 17800-17825 zone. Key support-17675. Support & Resistance can be viewed as profit booking levels. Break below 17675 & holds as resistance than 17550-17575 Target zone.
May be in the place of Gartley Pattern its forming Expanding Ending Diagonal , its just a thought process i have , Lets see
WaveTalks
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@ShreeKrishna, Gartley pattern comes under Harmonic Analysis / Ending Diagonal is part of Wave Theory. Both are different methods. From wave analysis point of view, your observation may also be correct. Thanks
ShreeKrishna
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as per my view its moving in three stroke moves , which i think can be seen easily with in shorter time frame , usually 3,3,3,3,3 stroke indicates ending diagonal on all time frame degree , Lets see since you marked as X ( internal corrective pattern ) then the trend needs to be extended
pratimabk
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Super analysis,👍👍
Could you please give bank nifty levels also??
WaveTalks
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@pratimabk, Not tracking Bank Nifty. Thanks for understanding.