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.
When the price breakout the trend line after making the 5th or 7th swings and closes outside the pattern, a breakout is confirmed. Breakout may happen in positive or in a negative direction. Depending upon the market condition and the position of the pattern in the chart, bullish and bearish happens.
Gold make higher high formation and as you know that
stock market and gold are moving in the opposite direction.
American market is in quit consolidation range
And LAC matter is also in controversy.
FROM THIS WE CAN PREDICT "THE BEAR WILL RIDING ON STOCK MARKET"
After reversing from a Bullish Harmonic Shark, it has activated a Bullish Harmonic Dragon which suggest probable levels of 1225 and 1350. It has very good support at 1080-1070. View would be negated below 1035
We can distinguish six basic harmonic patterns:
1.1 Gartley 1.2 Butterfly 1.3 Crab 1.4 Bat 1.5 Shark 1.6 Cypher
How to Trade the Gartley Chart Pattern
The Gartley market strategy like any other harmonic pattern is a four-leg reversal pattern that follows specific Fibonacci ratios.
A proper Gartley chart pattern needs to fulfill the following three Fibonacci...
Monthly Kijun has always been held since the Sub-Prime lows. If 25600-24800 gives way then 22700 would become a possible target
Monthly has made a Bearish Harmonic AB=CD.
Weekly has done its minimum Dragon target, further sustaining above 74.75 would take it to 77 to complete its next Dragon target
Daily has also made a Bearish Harmonic AB=CD. Ideally...
Buy above 11585 for Targets
11625/Above 11650 for 11775-11800 / Above 11800 for 11980-12000 / Above 12000 for 12100-12200
Look to buy in 11480-11510 zone with strict stops below 11460 for above mentioned targets as suggested for safe...