Confluence doesnt mean some indicators and price action .. confluence conditions can be seen everywhere from structure to entry
The above structure shows you confluence with 2 major concepts in trading world HARMONICS and ELLIOT, shows you the possible areas where you could see confluence of both
The 3rd wave could some times be BAT pattern or DEEP CRAB...
At the PRZ of a bearish Harmonic Bat in Weekly time frame it made a bearish reversal Candlestick today. A follow through tomorrow onwards would confirm a downward move for 13250 and below that for 12000. The view would negate if it sustains above today's high.
The index constitutes of all the large Banks and large Finance companies.
Harmonic Bat is a 5 points...
It has reversed from a Bearish Harmonic Alt Shark which could see a retracement till 318/310/300. The view would negate above 332.
Harmonic Trading Patterns are derived from Fibonacci ratios which create various patterns indicating reversal/retracement of trend in the time frame spotted.
It might be forming a THREE VALLEYS & A RIVER in hourly time frame. It has two bearish Harmonic Trading Patterns at 11875 (Deep Crab) and at 11975 (Alt Shark). "If" a REVERSAL were to occur from that zone then the downside expected levels could be 11750 / 11550 / 11400. The negation point would be at 12020
DJIA which turned from a Bullish Harmonic AB=CD is now approaching the PRZ (28600-28800) of a Bearish Harmonic AB=CD. Like in the bullish instance which coincided with Ichimoku support, here too the expected resistance tallies with an Ichimoku weekly resistance and a falling trend line. View would negate above 28900
Nifty has initiated a Bullish Harmonic Pattern 5-O which has the PRZ of 11450-11400. As long as it sustains above 11300 it could rally till 11775-11850. Further confirmation would be hourly sustenance above 11570.
Bullish 5-O are 6 points Harmonic Patterns usually preceded by a Bearish Alt Shark. The pullback from the Alt shark in this case happens to be a...
It has turned from a Bullish Harmonic Butterfly and could now retrace till 128/131 as long as it holds above 122.
Butterfly Patterns are 5 pt Harmonic reversal/bounce set ups based on specific Fibonacci Ratios.
Nifty Pharma has activated a Bearish Harmonic Alt Shark in weekly time frame. A shallow correction wont breach 10500-10750 while a deeper one would test 9500. View negates above 11500
Nifty:
Monthly range 11350-10725
Weekly support 11050 resistance 11350/11475/11750
Daily support 11000/10850 resistance 11300
Hourly Butterfly at 11025, if it fails to hold then 10900 likely.
Bank Nifty:
21000 crucial level for any attempt to bounce/reverse back for 22700 and above that rally till 23750-24000
The WEEKLY time frame has activated a Bearish Harmonic Shark. If it sustains below 1250 then it could retest 1200 and below that 1075. View would negate above 1270
Bank Nifty which reversed from a Bearish Bat yesterday has done a 38% pullback and is near a Bullish AB=CD (21800), if it fails to hold 21750 then a retest of 21400 would be on the cards. Below that further weakness till 20500. Above 22200 rally resumes for 24000.
It had reversed from Bearish Harmonic Deep Crab at 400. Today it has activated a C Clamp. Both in daily time frame. It could retrace till 360 provided it does not go above 400
It has activated a False Breakout Continuation Pattern. It could retrace till 360/400 (which also happen to be Ichimoku based Cloud resistance levels) provided it does not go below 305
