About me I am technical learner and like to share my learning with those who are interested in learning, sharing & discussing.
None of my views, should ever meant to be interpreted as advice to buy or sell any shares.
What is Cypher pattern ?
Cypher Pattern is a harmonic pattern that has the highest winning rate.
It is a Geometrical pattern, hence make sure it matches all the fibonacci
rules, which are as follows.
AB= 0.382 to 0.618 retracement of the XA swing leg;
BC= extend to minimum 1.272 and maximum 1.414 of the XA swing leg;
CD= retrace to 0.786 of the XC ...
Stock has been falling from many months, making lower low.
Still no signs of reversal, however its been trading in fibonacci crucial zone hence keep an eye on price action
Further support can be seen at 121 levels.
Volumes are considerably low.
Stock trading in an up-sloping channel from past 6 months.
Currently halting at channel support
Formed long bearish candle with huge volume at channel support , signalling bear's exhaustion.
And is followed by a spinning candle with good volume.
There is a Fibonacci cluster near 512-510 levels.
RSI is turning flat.
Stock can bounce -back from these ...
Nifty has seen some weakness from the reversal zone of Butterfly Pattern ( 11495-11520)
On hourly chart there is probability of Cypher pattern.
Currently at channel support ( 11350-355)
Below which 11270, 11230 , 11130, 11080.
Sl : 11390 and 11460-11470