It has been very long time since Nifty has treated Me with such potential harmonic opportunities, irrespective of whether this potential pattern completes or not, I love this trade setups. If it goes as planned here I will be having stops 50-70 points below the Entry zone based on the patterns. I wanted to write a lot about patterns but as market opened let me post first :) Will add content later...
Our Discussion continues :
We have two harmonic patterns above one being internal butterfly, just waiting to fly off, next being Gartley ( didn;t check ratio's though ). Anyway both are converging around the same area, I expected that area to be tested yesterday, if you have noticed in last post I have mentioned 9600's zone as sweet spot for entry along with 9650's, so we are well in our sweet zone for another 200 points towards 9850's with partial booking of profits in between with stoploss of 50-70 points from entry zone.
If Harmonics aren't part of your plan, I would strongly suggest you to apply your trade setup over it and find out whether it says upside :)
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Only if we are extremely lucky we will get another test on our entry zone, Else the wick says it all.
Check 2-3 previous posts, it has been clearly mentioned Nifty will give "wick-ed" opportunity only for Entry & same happened now as predicted earlier :)
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Do you feel what is Harmonics ?? That's the Real Potential, that's why I Love it to the core :)
Check how it reversed pin-pointedly in the are we marked. Thanks to Harmonics !
@PR5999, Nasdaq red was due to tech sell off I believe, though I'm unsure of reasons behind it, it can directly have an impact on our IT stocks which are already struggling so can expect gapdown/sell-off dragging Nifty a bit down, though we can't call it as bears yet !
InsiderB
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@PR5999, If you note the S&P500 formed Doji - so they are still indecisive here.
PR5999
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I think it will make pressure in all the stock, nifty will go down little bit.. I think thats the time to buy some good stock in dip..once nifty show some correction..Pls suggest if you have some stock in your list..
InsiderB
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@PR5999, We will wait for that fall ( if it happens ) we will pick right stocks for sure, as of now I'm not thinking that far. But definitely will do when we get that correction :)
Superb work man ! :-) Would love to learn more about these advanced technical setups like these harmonic chart patterns. Finding such amazing trade setups is surely an art ! and i must say that you are great artist as you able to find these trade setups :-) best wishes :-)
InsiderB
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@kaddakk, Thank you, Yes, will share more often whenever trade setups occur, All the Best & Happy Weekend :)
raoadnan84
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Impressive predication, I think it depends on your mood, you woke up in morning and say i will use harmonic today & no more trendlines ;)