Price rejected at the upper parallel of the blue fork, which is a bearish sign.
The Magenta Fork is a "Reverse Medianline". It has a lot of touches, strengthening its validity.
I would look for the next buying opportunity, if at all, at the lower parallel of the Magenta fork or at the medianline of the blue fork.
If not, price at least has to reverse the...
ITC Formed Bullish Shark Harmonic Pattern. Entered Long at 237.5. SL of 230.
Target 1 - 252 (61.8% retracement of leg CD)
Target 2 - 273 (1.272% retracement of leg CD)
Sl -230 - Point X
ITC did a correction with the marked in green ABC. Then it had made a 5 wave move up and a zig zag correction marked in blue. We can expect wave 3 to end at a 138% or 161.8 % projection of wave1, which is 300/- or 320/-.
Unless X@273. 30 is violated- I am taking this as a possible cypher pattern. Risk/Reward could be big - I am taking about 175-180 zone with 3-5 bucks as strict stoploss slightly above 273.30- which will violate X-Wave & Cypher goes into bin.
Regards,
Abhishek H. Singh, CMT
With Bearish Cypher with PRZ delimiter at 276 ITC showing weakness in weekly charts. confirmation below 248
Target 232/212
SL 266
short only below 248
its gonna be a big trade as its weekly Tf pattern
I really don't know what to write in description, everything is in chart itself. I'm really bored with Fx markets, thats why posting equities :)
(i) Enter after valid confirmation only
(ii) Use tight stops, if we are wrong on direction, Tight stops help you to cut down loss
(iii) Check your risk & trade plan once before entering the trade
If any specific doubt...
