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.

Update: Bearish ABCD and potential Bullish Gartley in BHEL

Update on BHEL Bearish ABCD and potential Bullish Gartley, price is taking support from the second target of the big ABCD, need to wait for the reversal signal to enter long trade. Below is the 15 min chart of BHEL

BHEL: Bearish ABCD and potential Bullish Gartley

BHEL formed a good bearish ABCD pattern, which already reached its 1st of Rs.2202 yesterday (12th June) and the second target yet to reach. Below is the 15 min chart:

When the 2nd target of this bearish ABCD pattern is reached, then the whole price movement makes a large Bullish Gartley pattern. Below is the 15th minute chart of BHEL with imaginary pink lines drawn showing the potential bullish Gartley, when the bearish ABCD 2nd target is reached.

Below is the 15 min chart of BHEL Marked both the bearish ABCD and Potential Bullish Gartley:

Watch out for more on this, I shall update with entry, stoploss and target prices of this potential Gartley when formed.