Harmonic Patterns
BankNifty Bullish Butterfly PatternBankNifty Bullish Butterfly Pattern
Buy Banknifty at19850--19900 Sl 19500 Target 20300----20700++++
24 Sep Closed At 20456
Nifty Bullish Bat PatternBullish Bat Harmonics Pattern
Buy Nifty 10700-30 Sl 10590 Target 10830------10960++++
24 Sep Closed at 10805.55
NiftyNifty is attempting a reversal from a Bullish Harmonic Alt Shark in hourly time frame which coincides with an Ichimoku Kumo support in daily time frame. If it manages to sustain above 11100 it could retrace back to 11275/11350. There is strong resistance now at 11425. Break of 11050 on closing basis will lead to further weakness/selling pressure.
Harmonic Trading Patterns are studies of specific patterns based on fixed Fibonacci ratios. They give reversal signals when there a cluster of ratios come in alignment.
Ichimoku is a Japanese study based on specific Moving Averages
NiftyNifty has initiated a Bullish Harmonic Pattern 5-O which has the PRZ of 11450-11400. As long as it sustains above 11300 it could rally till 11775-11850. Further confirmation would be hourly sustenance above 11570.
Bullish 5-O are 6 points Harmonic Patterns usually preceded by a Bearish Alt Shark. The pullback from the Alt shark in this case happens to be a corrective which ends at O from where the larger trend resumes its path.
COAL INDIAIt has turned from a Bullish Harmonic Butterfly and could now retrace till 128/131 as long as it holds above 122.
Butterfly Patterns are 5 pt Harmonic reversal/bounce set ups based on specific Fibonacci Ratios.
ONGC - Crab PatternThe crab pattern is an explosive pattern because once the D point has been developed we should see a quick trend reversal that has the potential to generate big profits.
Price entered the PRZ and surpassed the minimum requirement (76.25) for completion of Crab pattern. Low today (75.95) was also near the ideal level of 75.65/75.70 (1.618 of XA)
Let's see if the reversal occurs from here.
LUPINIt has activated a Bullish Cypher in hourly time frame. As long as its above 923 it can retest 945/950
Cyphers are 5 point Harmonic Patterns based on fibonacci ratio alignments
HUL - ButterflyThe Butterfly pattern can be found near key market reversal points, usually at intermediate highs and lows. The appearance of the butterfly pattern indicates reversals when it is validated. The chart below gives an illustration of the Bullish and Bearish butterfly patterns.
Probable Bullish Butterfly Pattern forming in hourly TF near Daily support zone.
Worth keeping in watchlist for a short term trade.
