WaveTalks- Nifty: Bullish Gartley

NSE:NIFTY   Nifty 50 Index
The fall from 18605 looks choppy & messy suggesting that the index could have finished a part of the corrective structure at 17799 lows @ 28th Oct2021 if holds above that level.

Bulls & Bears will be locking their horns between 18605 high & 17799 low – a range of Approx of 800 points.

Short Term Scenario
• Index can bounce upside. Reasons for bounce
Harmonic Bullish Gartley PRZ (Potential Reversal Zone) 17799-17850
• Triangle B-D line extended in the right direction (red color dashed line)
Parallel Channel drawn from 18605 &18342 holds the current bottom at 17799 (lows-28th Oct2021)

Short Term Targets
Strictly Holding Above 17799 lows –Target 1(T1): 17950 / Target 2(T2): 18050/ Target 3(T3): 18125 / Target 4(T4): 18325

Last Idea - Gap Strategy

Comment: 09:27 Hrs / 29th Oct2021

Last @ 17672

Current Bottom - 17613.10 ---------------Wave-E Bottom ------------
Piercing The Channel Bottoms & Not Holding 17799 as suggested in the idea is a bad sign for Bulls.

Very Important Low - Wave E Bottom @ 17613 is extremely close - Small chance for Bulls - Only Risky Traders can trade keeping 17613 in mind.

If 17613 gets breached then the fall even extends down to the psychological level of 17500
Comment: 11:05 Hrs / 29th Oct2021

Last @ 17907

Index bounced close to 300 points upside from 17613 - Wave E Bottom - Very Important Low

Comment: 14:42 Hrs / 29th Oct2021

Last @ 17715

Piercing Candlestick pattern (Right at the Bottom)

A piercing pattern is a two-period, candlestick price pattern that marks a potential short-term reversal from a downward trend to an upward trend.

Valid on any time frame. Higher Time Frame is always better.

Current Time Frame – 10 Mins

Result –
The index bounced 2nd Time from 17613 lows – The Most Important Level – Wave “E” Bottom of the Triangle which ended at 17613 @ 6th Oct2021

Comment: 15:28 Hrs / 29th Oct2021

17613 - Most Important Level - How important was that level - 3rd Bounce

Trade closed manually: Thanks

Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India

YouTube Channel https://www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw

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