SOUTH INDIAN BANK FINAL
Updated
ANDREW PITCHFORK+BULLISH REVERSE DIVERGENCE+BEAR CRAB+BULL CYPHER IN FORMATION
1.Andrew pitchfork- reflection from the median line and heading back to the outer red line
2.A bearish Crab leading to the formation of a bullish cypher which is to be completed when the price touches the outer median line of the pitcfork. The cypher also completes at the 0.618AX of the bar crab and is presently being supported by the 0.382AX of the bear crab ..
3.the cypher will launch the bull trend whose resistance level is 0.618DC which matches the green 382 line of the pitchfork , thus it can be said it is a true resistance the price would feel on the upmove..
4.Further upmove is expected as the median line acts as a price magnet , and the point of touch of the median line is expected to be the 1,618XA o the bear crab we just had formed...
DISCAILMER... this is not an investing/trading advice..
1.Andrew pitchfork- reflection from the median line and heading back to the outer red line
2.A bearish Crab leading to the formation of a bullish cypher which is to be completed when the price touches the outer median line of the pitcfork. The cypher also completes at the 0.618AX of the bar crab and is presently being supported by the 0.382AX of the bear crab ..
3.the cypher will launch the bull trend whose resistance level is 0.618DC which matches the green 382 line of the pitchfork , thus it can be said it is a true resistance the price would feel on the upmove..
4.Further upmove is expected as the median line acts as a price magnet , and the point of touch of the median line is expected to be the 1,618XA o the bear crab we just had formed...
DISCAILMER... this is not an investing/trading advice..
Note
a bullish reciprocal ABCD formation , validates the theory of cypher formation and points to the bottom to be at 20...
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