This blog is my trading diary. It is an attempt to organise my analysis and thoughts. I follow the charting methods given in JUST NIFTY blog by Ilango sir and so the charts would have striking resemblance to his charts. I am indebted to Ilango sir for having made this blog possible for me.

July 28, 2011

Development of bullish pattern within the bearish day pattern



















A Bullish pattern has developed within the bearish Butterfly pattern.

BEARISH BUTTERFLY PATTERN:

XA = 5912-5197
B = 5740
C = 5497 (CURRENT)
    Probable tgts for C = 5468,5404 (if downtrend continues)


Bullish Bat Pattern:

XA = 5197 – 5740
B = 5497
C= 5702
Probable D = 5508, 5441,5370

If  D of the bullish pattern gets supported at the 5508 -50 DMA levels, and moves past 5702, then the C of the Bearish pattern would be fixed at the current levels of 5497. When the D moves below 5497, then the lowest would be the C for the Bearish pattern.







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