WaveTalks-Nifty-Bearish Bat Harmonic Pattern at 16665

NSE:NIFTY   Nifty 50 Index
This video discussed a bearish harmonic pattern that might be quietly sitting & hiding in the price structure if unfolds exactly holding below 16701.85 then the downside support could be 16510-16530 / Below 16500 for 16370-16390.

Last Nifty Video Idea

Hope you enjoy the video. Good Night!!!

Comment: 11:35 Hrs / 25th Aug2021

Last Price @ 16680

Day High @ 16712

Careful at the tops !!!
Comment: 12:41 Hrs / 25th Aug2021

Last @ 16675

Bearish Candlestick Formation - Evening Stars at a crucial juncture of 16700 could be an important clue for Traders.

Evening Star Candlestick Pattern historically gave 60% strike rate.

Manage Your Risk properly & Trade. Thanks

Comment: 14:50 Hrs / 25th Aug2021

Last Price @ 16632

16615-16625 is the support zone intraday & the break below will make it drop further or Index will retrace a bit.

Comment: 25th Aug2021

How waves unfolded for the day

New high above 16702 as 16712-warned at 16680-drops to 16629-jumps back again to 16693-drops again to 16617 & finally closed at 16634.
Comment: Good Morning All

26th Aug2021

As per the last update yesterday @ 14:50 Hrs ( 2:50 pm) - 16615-16625 is the support zone once that zone gives away & Index slips below -fall will continue else we see a little bit of retracement to 16660/16675 where the index faces another resistance.
Comment: 09:30 Hrs / 26th Aug2021

Last Price @ 16654

Struggled close to 16615-16625 zone - made a small dip to 16611 & crossing the zone 16615-16625 on the upside -traveled close to 1st objective 16660.

Day High @ 16658
Trade active: 09:49 Hrs / 26th Aug2021

Last Price @ 16667

Key Resistance - 16695

Critical Resistance - 16712

Watch for resistance zone upside carefully. Till the time the key level holds i.e. 16695 on the upside - Index has fair chances of dropping back to 16615 & Falling below 16590- It will dip to 16520-16530 zone

Have a wonderful day ahead. Thanks
Comment: 10:32 Hrs / 26th Aug2021

Last @ 16669

Struggling on the upside.

Just Manage your trades keeping in mind key level- 16695 - Any move above 16695 can make Index travel again for new highs above 16712.

If 16695 level hold & Index fails to cross above 16695 then most likely it drops to 16615 / below 16590 for 16520-16530 zone

Will it fall to 16615 & Below 16590 to 16530🤔Only time will let us know.
Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India

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

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Good clear chart with good clear explanation.
200 coins
@AngusMcK, Thank you Sir for your kind appreciation.
+1 Reply
Superb timing of the chart and very beautifully explained .Please guru add ur update on Elliot wave pattern on Nifty from 2008 2250 level and the wave five ending pattern and a new Wave beggining .
U r the master of Elliot wave please guru
Long time v have not seen Elliot wave of yours
+2 Reply
AbhishekHSinghCMT r.sasiganapathy
@r.sasiganapathy, Unfortunately,, Nifty long term waves are part of a book which I am holding so I cannot put it down. Short term, I always try to get the trading points & trust me these are all wave analysis only wave count is not shown. If I get a chance I will explain all using wave count in the future book. Thanks for understanding.
Thanks Abhi and as i always say " great as always". Very clearly explained hope no body gets confused after this much of explanations
+1 Reply
Thanks abhi sir
+1 Reply
wow!! ... Gurudev I also made this same thing on 5 min and 15 min chart... but a little bit wrong... when you are with me it gives me confidence.. thanks a lot Gurudev
+1 Reply
bijoy2526 ashokakbari
@ashokakbari, where are you wrong? may be little bit. B point should be from the top of red candle. you have drawn little lower this may be the drawing mistake. It may be some where
bearish Gartley pattern, we can not omit red candles and bring down B point to make it a bat pattern, but whether it is bat or gartley obvious projection is Prz zone. expectation of trend reversal.
+1 Reply
ashokakbari bijoy2526
@bijoy2526, yes B retraced 0.618 was wrong.. I took that forcefully
bijoy2526 ashokakbari
@ashokakbari, sorry could not follow you I have never said you are wrong. B should be from top of red candle in 15 minute chart. you have drawn little lower and I had mentioned that may be due to drawing error. you are no where wrong.