Nifty retraced exactly from 78% from the high of 3rd Aug to yesterdays low 4638 also it the support line of the channel gave resistance it drifted down to 127% forming a Bullish Gartley pattern(Formed with perfect Fibonacci ratios. Symmetry is not good, but it followed harmonic pattern in time intervals). Also the support line of the Expanding triangle gave support for it to move the prices up. First target for this pattern is reached yesterday itself.
Nifty Chart - Hourly:
On the hourly charts Nifty formed Hammers in the lower levels, today they may give good support.
On the higher side Nifty has to break the highs of 4726 to move some bullishness, above 4726 it may reach up to 4760 levels.
On the lower side Nifty formed a good support range near yesterdays low of 4622 - 4610 is important. If it is broken gap may give minor support which is at 4586, belwo which nifty may go down to 4537 levels.
4 comments:
hi.doji.
hope u remember-- i had preiviously commented on (h&s) formation..the left shoulder got formed from 21st to 28th july.then nifty went up to form head.after 2-3 days consolidation making high 4725 around,nifty completed its head formation,and it got valid bcoz today nifty declined.i had mentioned nifty wil make high around 4740 of head and come down to form right shoulder.plz doji could u confirm,to some extent is pattern true or errors on it.could u plz upload a chart from 20th july,to today and explain abt it.im hoping now nifty will decline to 4537(retracement 61.8%).and then rebounce to form right shoulder.in ur todays nifty hourly chart.at 21 july low was 4390,and low of 28th was 4421.which i believe to be 2 pts of left shoulder down.plz if possible could u explain my whole formation from 20th july..in ur posts.
it would have been good if i had sent chart explaining it..sorry..the problem is im in search of good charting softwares..i studied this formation just looking at ur charts of weekly nifty..and predicted..anyways doji...could u plz tell me,i searched amibroker on website..they are quoting 199$ price.i wanted to know is it fair price,and worth it.or can i get amibroker software at less prices anywhere.10k for charting software i'm feeling to high to buy.im a trader into futures and options trading mostly.and looking for fully advanced charting software and having passion to the madness extent in technical analysis and charting,and i hav always found charting does work.I BELIEVE there’s no magic in the stock market - its only how powerfully and rightly u predict charts to uncover potentially hidden resistance and supports areas ,other traders aren’t seeing..and trading on basis of it and benifitting.
dear doji as per your study infosys shows reversal from 2100 level of ABCD pattern.what is target of infosys on downside?
Hi Art,
If I understand you correctly, you are saying Nifty formed a left shoulder and formed half head, and will form remaining head and then right shoulder.
As I said earlier, its not apt to predict the formation of a pattern. Once you idenfity a pattern, you verify the correctness and trade accordingly. Atleast, that is what I follow.
Here is a plain chart of Nifty Futures chart hourly, mark your pattern and post back.
http://i775.photobucket.com/albums/yy34/chartreader/Nifty-HNS.png
I suggest dont buy Amibroker right now. Try using ChartNexus, download it from http://www.chartnexus.com/products/download.php and try it yourself. It is free and as good as Amibroker for charting. Once you get familiar, you can upgrade to Amibroker. Amibroker also has a trial version, but you cant save any thing (data, lines etc) using it.
Doji
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