KumarAbhilash

nifty with basics of harmonic pattern

NSE:NIFTY   Nifty 50 Index
Before going forward our previous nifty             analysis

we saw breakdown and result ...
Now comes question "Whats next?"
To answer this we will use Harmonic pattern as well as learn it..
some of you may have seen colourfully drawn Harmonic patterns named as BAT, GARTLEY , BUTTERFLY but wondering as to what they are --- here is an easy set of illustrations
1.

2.

XA = 804
AB = 10490-10094= 396(49.4% OF XA)
since AB has retraced almost 50% of XA we are labeling it as BAT pattern .
BC             can retrace 38.2 to 88.6% of AB.
here it has retraced 81%.
3.
now comes final conclusion-

4.
pictorial


there are 2 other possibilities
A)
B)

this possibility has target of harmonic pattern ...

CONCLUSION-
1ST SUPPORT 10073, BELOW THAT WE CAN EXPECT 9900..

*this post is purely for education purpose..
Comment:
1st support - can bounce from here
Comment:
Comment:
What about Tata steel???
Reply
ajay7576 KumarAbhilash
@KumarAbhilash, Thanks, i have bought this at 690 price, should i hold or exit ??
Reply
@ajay7576, I CANNOT COMMENT ON THAT as its stock market if by any reason stock bounces it wil be dissicult for me to justify.. take sl .. nifty at support . if nifty bounces it wil also bounce . and in future take positions in them who has valid setup
Reply
ajay7576 KumarAbhilash
@KumarAbhilash, Thanks a lot bro
Reply
ajay7576 KumarAbhilash
@KumarAbhilash, so i can hold till 700 ???
Reply
@ajay7576, take sl of 673
Reply
ajay7576 KumarAbhilash
@KumarAbhilash, ok, Thanks
Reply
ajay7576 KumarAbhilash
@KumarAbhilash, what about yes bank?? i have bought at 308 today
Reply
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