Follow up of Harmonic Patterns

Follow up of Harmonic Patterns:

Hour TF:

 The first Possibility seems to come into play now - as NS got resisted near 100% retr at 5647, and reached near the 61.8% retr at 5557 of the wave 5497-5740. If  Nifty would drift lower than 5551 – then the C would be renamed as per the new low and the targets of D would be changed. Initially NS is likely to find support at 5505-10 levels. If supported, then a retracement  upto 5600 – 5625++ is possible. If broken, then the Hour charts would have to be redrawn replacing C with A as generally C does not move below the Point A.

Day TF:

 The second possibility seems to come into play now, If  NS finds support at 5505-14 levels there are chances of retracing upto the 5600++, or if 5497 breaks then as per Day Bearish Gartley, the targets are

1)      5468- 50% retr of 5740-5197 – coincides with weekly Lema

2)      5404 – 61.8% retr

3)      5325 – 76.4% retr – coincides with Month L ema

In case of breakdown below 5497 – 5450, the EW count can be taken that C has started from 5944 and C.1 at 5197, C.2 @ 5740 and now C.3 has started..