Brief analysis
I see a sharp bounce from 9222. This low was just shy of the Gartley PRZ near 8700. It has been approaching a possible reaction zone near 13000 and strong resistance near 14000. Price action there will reveal the future course of action.
We have strong support at 8700. The traders should turn bearish only below 8700 because then there will be a ...
Hi, Excited to come up with the latest video on this Auspicious day of Makar Sankranti ....
You would be asking a question what the heck is this & how come drawing tool can help you in crossing train tracks. Am I crazy! that could be your reaction - Let me explain you how I crossed the track with drawing tool but before we dip into current structure & pull up...
Before going forward our previous nifty analysis
we saw breakdown and result ...
Now comes question "Whats next?"
To answer this we will use Harmonic pattern as well as learn it..
some of you may have seen colourfully drawn Harmonic patterns named as BAT,GARTLEY,BUTTERFLY but wondering as to what they are --- here is an easy set of illustrations
1.
2.
...
PRICE HAS BROKEN ITS FLAG PATTERN ..SIMPLY WAIT FOR A SMALL RETEST OF THE TRENDLINE AND A BULLISH ENGULFING CLOSE THEN GO LONG.AT TARGET ONE ITS A POTENTIAL AREA FOR A GARTLEY PATTERN..FOR CONFIRMATION DRAW A TRENDLINE ON THE CD LEG AND WAIT FOR BREAK AND RETEST THEN GO SHORT.
Clear support @570-575 range. Can observe multiple reversals in the price range.
Gartley formation also confirms the same
Can go long
With stop loss @560
Target 1 : 590
Target 2 : 610
Forming Bearish Gartley on weekly chart.
Sell below 214 for targets of 207 ,200.Stop loss 220.
Short position is valid as long as stock doesn't close above 220 levels
As I always suggest never hurry in trade. Look for market excitement & then follow them, you will be more happy.
We have bearish harmonic with B leg- retracing 38% which is slightly different from bearish gartley as B leg minimum retracement should be 61.8%.
How to execute
Travelling below 470 or close to 480 without moving above 480 highs & falling back...
![BANK: BANKEX [BSE BANK INDEX SHOWING GARTLEY PATTERN]](https://s3.tradingview.com/1/1C8kuzVN_mid.png "BANKEX [BSE BANK INDEX SHOWING GARTLEY PATTERN]")
