I have explained Bearish Bat Pattern on Charts of Nifty ; Quite Sure that you will learn something from above chart & will ask your doubts in comment box .
In Nifty , PRZ was placed at 11560 & In Intraday , We got 120+ Points Move .
Basics of Bearish Bat :
• B point at a less than a 0.618 retracement of XA, preferably a distinct 50% or 38.2% retracement. • BC projection must be at least 1.618. • AB=CD pattern is usually extended. • 0.886 XA retracement. • C point with range between 0.382 and 0.886.
Hope You will like My Idea ; Hit Like Button for Supporting & Comment your view in Comments Section .
Disclosure : I am not A SEBI Registered Technical Analyst !
Regards ,
Mohit Jangir (KBMJ)
Happy Trading !!!
Comment
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1% Down Again ; Book Your Shorts near to 11,270-11,300 :)
we will watch closely whether this fall lasts just 2-3 days before another rally resumes.. If the fall extends beyond 2-3 days.. then the prev peak of Nifty will come into play for target/support and the fall may extend even upto 8 days
There is also a hidden bearish Divergence as shown in the chart !
Great harmonic pattern which worked
Congrats !
Mohit_Jangir
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@MAYA_MUMBAI, Yes ; I have written that on chart :) ; Bearish Reciprocal ABCD + Bearish Bat = Big Fall ; Let's see where will market head ?
pk_1989
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Hie!!
Your idea is really nice..👏👏
I am also Targeting the Nifty near 11000 in April series..
Well, may be gap down opening in Nifty on Monday.. Monday will receive the confirmation (if close in red) that nifty ready for some dip...
Mohit_Jangir
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@pk_1989, Thanks for Appreciating about my views :)
I expect 11270-11118 in worst case ; Not more than that as of now :)
Parasuram
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Good ! what are ur targets for this downfall?
Mohit_Jangir
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@Parasuram Sir , Good to See your comment after so long ; I hope you are doing well .
I do expect 11270-11120 in worst case ; SL should be 11666 on Closing Basis :)
Parasuram
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@kbmj, correct. after touching those level it may rally once again to make a doubt top or lower top..