It has entered into the PRZ of a Bearish Harmonic Butterfly suggesting a pullback/reversal in daily time frame till 340/335. View would negate above 370
Harmonic Butterfly Patterns usually indicate pullbacks of the larger trend (in this case the same being up) not major reversals. Such patterns are usually associated with breakout patterns and respective pullbacks.
Both Nifty & Bank Nifty are at an Ichimoku Price & Time axis equilibrium today with Nifty probability of a Double Top and Bank Nifty at a Bearish Harmonic Reciprocal AB=CD. Nifty has support at 11750 while Bank Nifty has support at 24650. Breach of both could lead to further downside till 11400 & 23000 respectively. View would negate above 12100 & 25200...
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...
Harmonic Trading Patterns have several patterns, one among them is AB=CD, currently CNX 500 has shown a reversal from the PRZ signifying bearishness. Fresh bullishness as per the pattern would happen only if it negates the pattern above 9500, the strength of the pattern reversal would further accelerate below 9000 for its expected retrace levels as per theory...
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
