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
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.
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
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...
It seems Bank nifty is in Uptrend I have done a study on harmonic patterns.
As of now it is at the mid of CD leg so following things may happen...
1) If it sustain above 29412 then it may give a TGT 29550 , TGT 29825 , TGT 30170 , Final TGT 30625
2) Now if it start reversal from this level i.e. 29790 and breaks 28550 then we will get a TGT 27990
3) If It start...
It has activated a C Clamp which suggest a retracement till 1860 is probable, which is also a resistance in weekly/monthly time frame. The level also tallies with a retracement of the monthly bullish harmonic pattern as well as with a probable bearish pattern near it in lower time frame. Two studies suggesting indentical resistance ahead!
It has made a Bullish Harmonic Alt Shark in Weekly time frame. Sustaining above 16700 on closing basis could lead to the probability of a reversal/bounce till 19500/21500. View would negate below 15700