Let us recollect the most important psychological level of 39500 as discussed could be the most critical level at present. A bearish butterfly harmonic structure completes in the required PRZ & reasons for fall discussed below & shown on the price chart.
Possible Reasons for Fall
Bearish Butterfly Harmonic Structure
After making a high of 17480, Bajaj Finserv has started falling.
Today, It has made a low of 14660 .
In 15 min timeframe, we can see a bearish butterfly pattern, which indicates a bearish trading setup for intraday traders.
Bajaj Finserv has completed its D point at 15250 . If the price sustains below 15250 , traders can expect the following targets: 15080...
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 !
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