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The stock has entered the potential reversal zone (PRZ) in monthly time frame of double bearish harmonic patterns - ABCD & Deep Crab. The probable zone is between 1460 - 1500.
Since this is a monthly time frame pattern a bearish derivative trade would be risky as it could firstly take a lot of time to reverse after distribution and secondly the stop loss for the trade would be very high since the range is big.
This signal should be initially be taken as an alert not to attempt a fresh long at the current level and wait for some weekly to daily time frame weak signals to take a short trade if it reverses for 1300-1200.
The pattern would become invalid above 1600. The acceleration for downside would happen once it starts sustaining below 1400 (as of now), this will keep changing week on week till the pattern is valid.
