This is the first time I am trying Harmonic Patterns, and since we are betting against a very bullish market, I have by doubts.
However, the price fell from a well tested Resistance Trend Line, and the RSI is also slowly falling down from the Overbought region. I have kept a close stop loss just above the recent high. Fingers Crossed.
Bank Nifty spot cmp 30460
Bearish butterfly pattern formation
PRR zone :- 30460 to 30560
SLZ zone :- 30610 once sustain for 15 mins above this levels
Targets levels :- 29880 and 29640 levels can be seen.
RSI :- Price making higher high where as RSI is making lower high, bearish divergence.
Good short candidate in PRZ range.
Nifty Metal index CMP :- 3200 levels.
Harmonic pattern :- Bearish butterfly pattern formation.
PRZ zone in range :- 3200-3300 levels
1.27XA = 3313,, Equivalent AB =CD matures at 3210, 2.24 BC extension around 3180 levels.
Bearish AB = CD pattern formation matures around 3210 levels..
Elliot Wave study :- Whole structure formation is in Expanding rising wedge...
Expecting TVC:USOIL to go for a sharp correction.
Harmonics 4-point & 5-point pattern helped identify a Potential Trend Reversal Zone, where bullish movement may end & trend may reverse.
Got a terminal candle confirmation in the PRZ.
Also, in a broader view prices formed a Broadening Wedge Pattern (a-b-c-d-e wave structure) which might possibly be...
SWING trading opportunity
target = 6805
CMP = 7112
Stoploss= 7296 ( one can even modify it )
lot size = 100
check out my related idea on granules on harmonic pattern it achieved the target
FOLLOW for more !
LIKE if works !
COMMENT your view !
All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, or individual’s trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an...
NIFTY could be in the process of making a bearish butterfly. The ratio based traders may find the pattern interesting. The completion of the pattern requires confirmation at three critical price ranges as mentioned in the chart. If the pattern comes to fruition the index may test 9640-9660 levels and may go down to 9360-9330 levels and then go on to 10130-10170...
Only for education and information purpose. Should not be taken as a trading call
IT LOOKS LIKE A SHORT CAN BE TAKEN AT D POINT LETS C HOW IT WORKS
CHART BY HARMONIC LEARNING AND EARNING