Do you remember - No. Then definitely you remember 9643- No, Aha, then surely you must have used Killroy Pattern (Inverse Head & Shoulder) to your advantage - isn't that. Cheers to the Bulls.
What is Killroy
Killroy or Inverse Head & Shoulder Pattern as termed by "Edwards & Magee in Bible book- of stock trends" is a must copy every analyst should have on his desk.
Measure the distance from head start to the resistance or neckline ( shown by vertical blue solid line)-
Standard Bookish Target
Copy that vertical blue solid line place it from neckline which is 9700 zone -you get target of 9950 (shown as red dotted line)
Non Standard Bookish Target- Thinking out of the box
Copy that vertical blue solid line & place it from right shoulder bottom- bottom or 9643 bottom -you get target of 9888 (shown as green dotted line)
Practical Example of Killroy in ITC 290-355
How important a level can be was visualised in last 3-4 trading sessions as soon as technical glitch happened. Nifty made a bottom at 9643 on 10th July2017 - A to turn nifty on 7th July2017 at 9643 - wasn't that a support.
Turning upside from 9643
It gave you time as well during the glitch session- after all such historical events never happen again & again & Nifty never crosses 9700 again & again.
It was simple analysis- break of the tough resistance was suppose to boom which it did. Post breaking 9700 on upside -it holded above 9700.
Long Term Analysis on Nifty
Nifty with scams
Nifty without scams at 9173
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ