Tuesday, June 16, 2009

Update: Bearish ABCD and potential Bullish Gartley in BHEL

Update on Bearish ABCD and potential Bullish Gartley in BHEL.

BHEL took support from 78.6% levels initially but later part of the day it broke the support. Time taken between A to B leg and C to D leg is NOT with in the tolerance level threatening the pattern's quality. But the percentage retracements are still supporting the pattern, so this pattern may work, but little higher risk is involved, one must trade with caution. Below is the chart of BHEL, taking support from the fibo extension. Will update again tomorrow.

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