This is a perfect the "Gartley Pattern" for NIFTY. for NSE:NIFTY by evrsf

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harmonicpatterns gartleypattern pivotpoints nifty

"B" retracement of XA leg @ 61.8%
AB = CD, is at 11737
Potential Reversal Area with overlapped Terminal bar.
"D" retracement of XA leg in range of 1.27 to 1.618.
Spent 5 Day for, "B" retraced, "D" also 5 days.

This is the district the Gartley Pattern example. The price is travelling 61.8% retracement area after reversal area.

Trade closed: target reached

Comments

These harmonic patterns aren’t reliable in the long run

Tripathi07

@Tripathi07, thank you for your thoughts :) I do understand that harmonic patterns are not the end all-be all price structures. After or while any pattern is violated, or analysed incorrectly, it's important to look at the price action in the Potential Reversal Zones for signs, in the case of reversal patterns. Please share your thoughts / ideas too, it will be great to look at other ideas.

superb analysis

Seems like ratios plotting is improper... Pls place them accurately on the candles OHLC .. Then any decision can be made

kskanth32

@kskanth32, thank you for your note :) I have plotted everything correctly as per H.M Gartley who has laid down the foundation of the Gartley Harmonic pattern in 1932. His statement was minor variation can be avoided and the price never follows the exact Fib ratio. I hope this assists...

evrsf

@evrsf, but isn't it obviously to be plotting on 4hrs and above TF???

Also minor variance can be avoided subject to exact plotting on candle close or high and not near to candle... As far as my under understanding it shd be plotted exactly on the candle and the ratio can have slight variation which is negligible...

kskanth32

@kskanth32, Thank you so much for your advice, i will see how this plays out and will keep your advice in mind when plotting again.

So wat about next mobe

Manoj_ooha

@Manoj_ooha, Let's wait and watch for tomorrow.

evrsf

@evrsf, ok sure ji