The left side of the bullish Gartley pattern completed.Right side is under formation.The glory and shining of private banks seems to be come to an end.At least a down trend up to 320 is possible.
Everything is being calculated here on the 1 Hour Chart.
Considering oversold indications on RSI chart and strong Support at 8120, if nifty holds 8120 level, there could be an upside with following targets -
T1 - 8187
T2 - 8259
When I started my career as an analyst- I was told by a professional that a "kid with a ruler can make millions" so I was excited & even more attracted -how can someone do so. He was talking about trendline- one such tool is parallel channel- the magical wand.
Placing at high@Oct2009 & passing through 2014 high & then placing at any of the lows would have given...
I had placed a Stop loss order at X i.e 267 and it got hit on 4th November.
For Gartley and other Harmonic Patterns where can Stop Loss be placed ??
Any Suggestion??
We need to rush through this description bcos there are potential chances arising already. There are 3 components we have used to examine the dynamics of BankNifty, (i) Elliot waves - Simpler the Better (ii) Trendline (iii) Patterns
There is no need for you guys to know each n every component for analysis. Just any one of above 3 component is perfectly fine to do...
Currently Reliance is trading near crucial level.
- If channel support is broken than it will be a good candidate to short.
- Potential Bearish Gartley or Butterfly 's D leg can be in the making. (B point was 0.618 of XA). If that be the case we can expect an upward journey above 1100. In the case of Bearish Butterfly it can go way up to touch the upward channel...
IDBI has been moving continuously in channel. Currently We have witnessed an impulse wave 3 which made high around 77. These are below few things to be noticed.
1. Impulse wave around 77.
2. Bearish Gartley with D leg almost expected around 77.
3. Previous structure resistance around 77.
I am expecting one retracement to slightly below 75 on Monday. Those...
Learning gartley pattern
'B" is at least 61.8% retracement of XA should not touch or close above 78.6%
"C" is at least 61.8% retracement of AB leg should not tuch or close above 78.6
"D" the entry point is at 127.2% extension of AB, which in this case comes out to be near 495.
I doubt it will come there .
Will monitor this as long as point C holds true
