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Harmonic Patterns

Gold Prices Recover, Awaiting a Breakout at 2706.275Gold prices rose during Asian trading on Thursday as escalating tensions between Russia and Ukraine boosted demand for safe-haven assets, helping gold maintain its upward momentum despite the strength of the USD. XAUUSD is showing a strong recovery from the key support level of 2649.094 and is now approaching the resistance level at 2706.275. The EMA 34 (2635.141) and EMA 89 (2647.073) continue to act as supports, reinforcing the short-term bullish trend. If the price breaks above 2706.275, the next target will be 2749.733, corresponding to a higher resistance zone. Market sentiment currently supports gold prices due to geopolitical tensions and the Fed's decision to maintain interest rates. Traders should closely monitor price action at these critical levels to develop effective trading strategies.
OANDA:XAUUSDLong
by Sophi-A
EURUSD Struggles Within Downward Channel, Awaiting Confirmation On November 22, EURUSD continues to move within a downward channel under pressure from the EMA 34 and EMA 89. After recovering from the strong support level of 1.04259, the price is now testing resistance at 1.05245, but the bearish trend remains dominant. If the price breaks above 1.05245, it may target the 1.05537 zone; however, failure to do so could see the pair revisit the 1.04259 support level. Rising U.S. bond yields and the ECB's cautious stance continue to pressure EURUSD, while risk-off sentiment drives inflows into the USD. Traders should closely monitor these key support and resistance levels to optimize their trading strategies.
Long
by Sophi-A
2
USDJPY Awaits Breakout from TriangleOn November 22, USDJPY is consolidating within a symmetrical triangle pattern, trading around the 154.397 level. EMA 34 (154.608) and EMA 89 (154.765) act as short-term and medium-term resistances. The MACD is gradually turning bullish, signaling potential buying momentum in the short term. If the price breaks above the triangle's upper edge and surpasses 154.765, USDJPY could rise to 155.500. Conversely, if the price breaks below the lower edge and drops under 154.000, the next target would be 153.500. The market is influenced by the Fed's decision to maintain interest rates and the BoJ's dovish stance, which continue to support the USD over the Japanese Yen. Traders should closely monitor the breakout to determine appropriate trading strategies.
Long
by Sophi-A
#Nifty directions and levels for November 22nd.Good Morning, Friends! 🌞 Here are the market directions and levels for November 22nd. Market Overview: The global markets are showing moderately bullish sentiment (based on the Dow Jones only), while our local market has maintained a bearish sentiment. Today, the market may open with a neutral to slightly gap-up start, based on the Gifty Nifty showing a positive 100 points. > In the previous session, both Nifty and Bank Nifty experienced a significant fall. However, Bank Nifty had a solid pullback, making the structural setups for both indices different. What about today? Looking at Nifty's structure, there is consolidation after a long correction. Usually, this type of structure indicates a trend continuation. On the other hand, Bank Nifty had a solid pullback, suggesting further upward momentum. The gap-up indication from SGX Nifty supports this view. Thus, both charts are showing different directions. My personal opinion is: > if the market declines initially, it might decline further, but the momentum will be reduced. > Conversely, if the market sustains the gap-up, then we can expect a rally continuation, but only if it has a solid candle structure Let me explain this further with the charts. Nifty: Current View As per the structure If the market declines initially, we can expect a correction. However, the best confirmation would come if it breaks yesterday's low with consolidation or a solid candle structure. If this happens, the next target could be a minimum of 23082. Alternate View: The alternate scenario suggests that if the market sustains the gap-up and breaks the 38% Fibonacci level with a solid breakout structure, we can expect further pullback continuation with some consolidation. On the other hand, if it breaks the 38% level with gradual movements, it could consolidate between the 50% Fibonacci level and the previous low.
NSE:NIFTY
by Manickamtraders
3
#Banknifty directions and levels for November 22nd.Bank Nifty Current View: According to the structure, if the market sustains the gap-up and has a solid breakout structure, we can expect further pullback continuation accompanied by some consolidation. On the other hand, if it breaks the MSZ level with gradual movements, it could consolidate between the previous high and the previous low. Alternate View: The alternate view suggests that if the market declines initially, we can expect a range-bound market between the previous low and the opening price. After that, we can follow the direction based on which level it breaks.
NSE:BANKNIFTY
by Manickamtraders
GARTLEY Harmonic Pattern: How does it work?!GARTLEY Harmonic Pattern: How does it work?! The "Gartley", as its name suggests, was introduced by Henry Mackinley Gartley. All other harmonic patterns are modifications of the Gartley. Its construction consists of 5 waves: XA: This could be any violent movement on the chart and there are no specific requirements for this movement in order to be a Gartley start AB: This is opposite to the XA movement and it should be about 61.8% of the XA movement. BC: This price movement should be opposite to the AB movement and it should be 38.2% or 88.6% of the AB movement. CD: The last price movement is opposite to BC and it should be 127.2% (extension) of CD if BC is 38.2% of BC. If BC is 88.6% of BC, then CD should be 161.8% (extension) of BC. AD: The overall price movement between A and D should be 78.6% of XA How to use it Point D is where you come in, man! It's your entry signal. -If it's an M pattern, you buy. -If it's a W, you sell2. Where to put your STOP LOSS?? -Below or "X" if you are a BUYER. -Above "X" if you are a SELLER. These percentages are based on the famous Fibonacci ratios, as mysterious as the pyramids of Egypt! Ultimately, the Gartley pattern is like a good Cuban cigar: it requires patience and experience to be appreciated at its true value. But once you master it, it can become a powerful tool in your trading arsenal, as effective as a punch from Rocky Balboa!
BINANCE:BTCUSDEducation
by Le-Loup-de-Zurich
USDJPY Awaits a Breakout at 155.878 USDJPY is currently trading in a short-term uptrend but is being held back by a descending trendline and the resistance level at 155.878. After bouncing from the strong support at 153.350, the price is now fluctuating around EMA 34 (154.850) and EMA 89 (153.995), reflecting a tug-of-war between buyers and sellers. Rising U.S. bond yields and the Bank of Japan's dovish policies continue to support the USD, while the Japanese Yen remains under pressure. The RSI at a neutral level of 51.52 indicates unclear market momentum. If the price breaks above 155.878, the uptrend could strengthen with a target near 157.000. Traders should closely monitor key levels to make informed decisions.
Long
by Vanna-Cris
EURUSD Under Pressure, Support at 1.05151 Awaits TestEURUSD is currently continuing its downward trend, dominated by the descending channel and EMA lines. After bouncing off the strong support level of 1.05151, the price is now testing resistance at 1.05663 but remains under selling pressure as it stays below the EMA 34, confirming that the main trend has not changed. Risk-off sentiment has driven capital into the USD, increasing pressure on EURUSD due to the greenback's strength. At the same time, positive CPI data supporting the British Pound has reduced the Euro's appeal, further intensifying downward pressure on the pair. If the price fails to break above 1.05663, it is highly likely to retest the support at 1.05151 and potentially decline further.
Short
by Vanna-Cris
Motherson -Ended CRAB Pattern -Trading opportunity-10% upmoveMotherson: CMP 164.5 in Shorter TF, the script has completed the extended target for the CRAB pattern. The XABCD legs achieved their targets and the price is bouncing from the PRZ zone of 1.618 extension of the XA leg (on the downside). Potential targets are a minimum of 38% and 50% retracement of the CD leg, that would be 180 and 187 respectively. SL for this set up is 147. Determine your risk and trade accordingly In larger TF, the script has either ended it's 4th or the first leg of the 4th wave down.. on daily TF, price has reached 38% minimum expected retracement level for the 4th wave.. BUT, this downmove looks sharp and one way.. hence, I am expecting one more leg down after the bounce.. That could potentially end at 140-155 levels. For Investors, it is an accumulation zone.. I am not a SEBI registered Analyst. Views are personal and for educational purpose only. Please consult your Financial Advisor for any investment decisions.
NSE:MOTHERSONLong
by Murthy_Santhosh
EURUSD : Realization continues, risks increase!Dear traders, EURUSD is currently in a bearish "flag" phase this Friday morning in Europe, influenced by risk-off flows stemming from escalating geopolitical tensions between Russia and Ukraine and concerns over potential U.S. tariffs on the EU... Now, there is nothing stopping it from further distribution. Key news is on the horizon that traders should approach with caution. A Fed rate cut. And the question is no longer "when" but "how much" the Fed will cut amid persistently high inflation over the past few months. From a technical perspective, the focus is on resistance levels at 1.055 and 1.054, which is the (fib 0.618). A gradual retracement and retest will increase the chances of a breakout. Now, selling pressure on this currency pair is intensifying, prices are entering a risk zone, and buyers are becoming increasingly cautious. We are monitoring the next key downside targets at 1.047-1.044...
Short
by Bo-Samson
RAMCOM CEMENTS long idea Hi All Ramco Cements (RAMCOCEM) is currently trading around the 800 level, which presents a favorable buying opportunity. The stock is expected to find strong support at this level, indicating a potential upward movement. With a target price of around 950 in the short to medium term, investors can anticipate a significant upside potential. Additionally, a second target of 1050 provides an even higher potential return on investment. To manage risk, a stop-loss order can be set at 710, ensuring downside protection in case the trade moves against expectations. Overall, Ramco Cements presents an attractive trading opportunity with favorable risk-reward dynamics. Target 1: 950 Target 2: 1050 Stop-loss: 710 Thank you
NSE:RAMCOCEMLong
by WallStreetmny
4
"Nifty Rebounds: Key Levels to Watch Now""Nifty has shown a promising rebound, moving above the 23,600 level, which could signal further upward momentum. However, selling pressure may still be present, so we’ll analyze key resistance and support levels to watch in the coming sessions. We’ll also examine indicators that suggest whether this bounce has the strength to continue or if it might face resistance. Stay tuned for insights on potential trading setups as Nifty navigates this critical zone."
NSE:NIFTYLong
by WallStreetmny
USDJPY: Uptrend Faces Challenges at 156.65 ResistanceUSDJPY is currently trading at 155.68, reflecting a significant upward momentum in recent sessions. After successfully testing the strong support area at 153.40—a confluence of the 89 EMA and an ascending trendline—the pair surged sharply toward the key resistance zone at 156.65. However, the 156.65 – 157.00 zone is considered a "pressure area," with the potential to trigger a short-term correction. If the price fails to break above this resistance, USDJPY could pull back to test support at 154.70 or even deeper at 153.40. On the news front, the USD remains strong, driven by expectations that the Fed will maintain high interest rates, while the Bank of Japan continues its accommodative policy. Investors should pay close attention to key U.S. economic data, such as PMI figures and speeches from Fed officials this week, as these factors will strongly influence USDJPY's price action. Strategy: Monitor price reactions at the 156.65 resistance zone. A breakout could target 157.50, while rejection at this level increases the likelihood of a pullback toward support levels.
by Vanna-Cris
1
#Nifty directions and levels for November 21stGood Morning, Friends! 🌞 Here are the market directions and levels for November 21st. Market Overview: There are no significant changes in the global market sentiment. The Dow Jones is showing a moderately bearish trend, and our local market is also indicating a bearish sentiment. Today, the market may open neutral to slightly gap-down, as Gift Nifty is showing a negative 40-point movement. In the previous session, both Nifty and Bank Nifty experienced huge oscillations. Structurally, the market closed between minor swings, which makes it seem like a range-bound market. What about today? We are still in a minor downtrend. If the market opens with a gap-down, the same bearish direction may continue. On the other hand, if it takes a pullback initially, we might see some consolidation within the previous session's range. Let’s explain this further with charts. Both Nifty and Bank Nifty are showing similar structural sentiment. Nifty Current View: The current view suggests that if the market declines initially, we can expect a minimum of 23,275 (MDZ) if it breaks the level of 23,399. Notably, if it reaches this level with gradual movement (MDZ), we can expect a minimum bounce back of 23% to 38%. On the other hand, if it reaches this level with a solid structure or consolidates around here, then the correction is likely to continue. This is our first variation. Alternate View: The alternate variation suggests that if the market pulls back initially, we can expect a range-bound market between the previous session's range. This means if it breaks 23,585, it will reach 23,713. After that, if it gets rejected there, it will close where it opened.
NSE:NIFTY
by Manickamtraders