As per the Harmonic pattern,
Holding 5215,
Developing Bullish Bat Pattern:
XA - 5032 - 5449
B - 5215 - 50% retr of XA (current)
Holding B, Proj for C:
88.6% - 5422-DONE
Current High - C - 5447 - approx 100% done.
Owing to Double top and a Rounding bottom formation, Nifty might have a pull back upto 5380-95 levels and again resume the uptrend. In such a case, If the High is crossed then the next ratio to be watched is 113% - 5479.
In case the 113% retr is done then, the Pattern would be relabelled as Bullish Shark Pattern with labels:
OX - 5032 - 5449
A - 5215
B - the expected new high above 5449.
In case the Day HEMA/Month HEMA @ 5378 breaks then the next supports are,
5370 - Day 5EMA,
5330 - Day LEMA.
A 38.5% retr from today's High 5447 is 5358. Breaking of this level would be a Big pause for Bulls.
BANK NIFTY 5MIN CHARTS:
ON A BREAKOUT ABOVE 10280 - THE INV H&S WOULD PLAY IT'S ROLE TO TAKE BNF TO 10400++
Resisting at 10280-300, BNF would be dragged down first to10200 and break below that - 10150BNF.
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