Nifty formed a base on 9.5.2022 and has re-tested that base thrice. It gave a good bullish move after that and is trading around previous day high. The overall sentiment and trend of the market is still bearish. Also Nifty has formed a BEARISH DEEP CRAB formation and the PRZ level comes around 16450 . One can take a bearish trade once Nifty touches 16450 with a...
As price continues to make lower lows & lower highs, an AB=CD pattern is observed. The C point is a 78.6% retracement of the AB move, while the D point is at a 1.27BC extension.
A Potential Reversal is anticipated from the D point whose completion point lies at C (minimum).
Plus a candle engulfing the previous 4 candles in the PRZ is a favorable indicator. Note...
in this stock prz harmonics pattern forming. also remember that i draw two more level on swing high low if high swing level broken without breaks low level one then levels gone to be valid. but if low level broken then prz gone to be invalid. and always watch small tf reaction near prz level how it's reacting on them.
14255 level in Nifty Index is Support as per Cypher Model but this ref point may not be valid because the recent high is not valid as per the pattern rules for 0.082%.
I have shifted to Shark Pattern which shows a much deep Price Reversal zone which has to be compatible with different levels the level is 13889 to 13854.
Nifty index has shown a short term harmonic reversal pattern- Butterfly Pattern.
The Price Reversal Zone supposed to be the extension of 1.27 Fibonacci level XA leg.
BC projection is at least 1.618 Fibonacci level.
This zone is giving us the most compact PRZ.
PRZ range: 14325 - 14308
After Reversal Minimum target 14667
Target Range: 603-618
We may see a retracement near 603-618 Range as it is a PRZ area.
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Disclaimer: I am not a SEBI Registered Analyst. Please take position after consulting your advisor.
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I could have just marked an arrow on the chart and said...
The bullish bat PRZ may act like a magnet to pull the price towards 395 odd levels. Price has already broken out of a pennant pattern and resuming the downtrend. The 407 could act as a minor support.
Short term traders may take advantage of the shorting opportunity. The long term traders may look for covering shorts in the specified zone and think of accumulation...