AbhishekHSinghCMT
Long

India Nifty- Bullish Bat with Critical X-low@8768

NSE:NIFTY   Nifty 50 Index
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Bullish Bat Pattern becomes invalid if X-wave@8768 is taken out to the downside. With critical stop below 8768 & confirm at your end for bullish opportunity for targets 8870-8880 (once it crosses 8820)

Watch for the bounce in the zone 8765-8775 for 1:6 Risk Reward Ratio.

Kindly do some confirmation at your end before taking any positions.

Regards,
Abhishek H. Singh, CMT
Trade active: 13:25 Hrs-IST-1st Sep2016- Vow it turned upside from very close to our stop@8768-Critical X-Wave Low. Cuurent rate-8800
Trade closed manually: On upside it failed to cross 8820- well it was good bet as it went very close to 8768 making low@8771.20 & then bounce till 8812- one could have made 50% profit here.
Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
http://in.tradingview.com
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India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
Hi Can you please check NIFTY weekly chart where X as 9119 and A at 6827, than 0.886 retracement comes at 8858. So in future we can see if that retracement is valid or not for the bearish butterfly.
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Confirm bearish butterfly measurements at your end again
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D-leg should be 1.27 to 1.618 of XA -leg & confluence with 1.618 to 2.618 of BC leg- likely D-leg should fall in that zone
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nirav5 AbhishekHSinghCMT
Yes currently B leg is in the developing state so its not pattern right now but if it confirms the reversal from then potential bearish butterfly 's B leg can get confirmed on a larger time scale.
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