The Gartley Pattern is one of the most traded harmonic patterns and can be applied to many markets and timeframes. It is a 5-point retracement structure that was originally outlined by H.M. Gartley and detailed further by Scott Carney. It has specific Fibonacci measurements for each point within its structure and it is important to note that D is not a point, but rather a zone in which price is likely to reverse, called the Potential Reversal Zone (PRZ). The B point retracement of the primary XA leg lies at 0.618 and the PRZ consists of 3 converging harmonic levels: 1) 0.786 retracement of the primary XA leg, 2) AB=CD pattern and 3) the BC projection is either 1.27 or 1.618.
The first target would be the 382 retracement of AD and the second target the 618 retracement of AD. A common stop level would be behind the X-point. Conservative traders may look for additional confirmation. Gartley Patterns can be bearish and bullish. TradingView has a smart XABCD Pattern drawing tool that allows users to visually identify 5-point reversal structures on a chart.
Similar to Nifty we can also see the bearish pattern in bank nifty as well. Sell range is between 27632 - 27656. Observe the price action near the range before making any short entry. Wait for the price rejection in the given range.
SunTV Network has just confirmed the bounce at the baseline of the Bullish Bat formation, signalling an upside to 900.
The middle point is at the 50% level considering the first peak, and at 61.8% considering the second peak of the bat.
This, makes it an even more convincing investment to make in the next year.
Bearish Gartley ; Trade setup explained in charts
ENTRY is below 25550 on closing basis of 30 min candle
Disclaimer : Its purely my view - not a recommendation
Perfect Gartley Pattern created by Aurbindo pharma!!
Looks like it is barely holding above RSI 50 and Two perfect rejection from trusted trend line.
Targets are defined in Chart!!
Disclaimer: Not an investment advice!!
Will update on progress,if trend does not hold
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