Wednesday, June 10, 2009

Gartley Patterns in Aban Offshore

From yesterday’s opening bell Aban Offshore made a Bearish Gartley embedded ABCD pattern. Time taken for AB is equal to CD and the price movement is also good CD is 121.6% of AB

AB = Rs.125
CD = Rs.152
AB = 29 Bars
CD = 28 Bars

BC is 61.8% of AB
CD is 190% of BC. Which is tolerant error but little bit stretched.
AD is 75% of XA which is tolerant error.

Below is the 5 min chart of Aban showing bearish Gartley:


There is also a possibility of forming Bullish Gartley (not perfect though), reversal for this is not yet confirmed. CD leg is not yet fully formed. AB = 284 and CD = 239 and the febo ratios are in the tolerance levels. Watch out for the Aban tomorrow for this possible bullish gartley. Below is the 5 min chart of Bullish Gartley in Aban:

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