A harmonic chart is presented here for study purpose
Chart clearly indicates the bearish trend
Various expected levels during its downward move is given in green lines
Variations may be there during its downward move
After a long correction, a good rally is on.
The expected price level is shown in the chart.
Another correction may be there at 4742.
Presently is in a triangle Break Out.
Note: Information given here is for study purpose and not intent for a trade.
A Harmonic chart is presented as per the current price action for Study purpose.
A reverse is happened already from the reverse point, D and it may re-test.
$67.71 is another strong support.
It can see that the today inventory outcome is not in favor to the price and it may test $67.71
Note: Information given here for study purpose only.
Previously I mentioned that NIFTY will correct near 18270 area.
A correction happened today and a recovery also seen
But still the Bearish Tendency exists as one can see the RSI Bearish Divergence
The divergence can see from the chart.
Note: For Study purpose
The chart shows the reversal point
If Nifty reverses near 18270,
- possible to reach 17770, 17610, 17460 levels
If it crosses above 18270,
- possible levels are 18620, 19000 levels
Note: Given for study purpose
My view on the market is BULLISH, but following observations are important:
A Bearish WEDGE pattern formed and is shown in the chart
The Bearish RSI divergence also supports above formation
If there is only a small correction, then the levels of corrections may be between the given Green lines.
However, if it cross the trendline above the price action candles,...
Red lines are the expected resistance levels if the present trend continue
Black lines are the central pivot lines
Green lines are the expected support lines if it reverse from D.
If gap down opening, 17295, 17110 are the expected support levels.
Nifty continue bearish trend
A gap down can expect tomorrow following global cue
Expected support levels are shown.
Each breakdown may move next below levels shown with green lines
Note: For study purpose only
The chart shows the price near to the Resistance level
Note that once a 38% retracement is taken place.
Now it can be either a breakout from the present level or correction
Note: For educational purpose
The chart is very clear about its reversal point
Analysis with the harmonic pattern gives 70 ~ 80 % accuracy
The unexpected behaviour can occur during unexpected events or news
Note: Information given here for educational purpose