WEEKLY HARMONIC PATTERN:
Developing Bullish Butterfly Pattern Holding 4788 low:
XA - 4531 - 5629
B -4788- approx 78.6% retr of XA.
Projections for C:38.2% retr of AB - 5109
44.7% retr of AB - 5164
50% - retr of AB - 5207
61.8% retr of AB - 5307
Considering the present down movement - the projections seems to be Highy Bullish. The above projections are valid HOLDING THE LOW OF 4788 - 4765. If Broken the next level to watch would be,
88.6% retr of XA - 4656 -which would then become the new B and the projections would vary accordingly.
The above Bullish weekly Projection is supported by the 5D lead indicator.
Nifty has found good channel support at 4788 in weekly charts.
A close above 4930-50 - today being the Month end and expiry is a must for further UPMOVES - as indicated by the DAy S Macd chart:
BEARISH CRAB PATTERN IN HOUR CHARTS:
Development of Bearish Crab Pattern:
XA - 5432 - 4788
B - 5020 - approx 38.2% retr of XA
Proj for C:38.2% - 4931 - corresponds to Month LEMA
44.7% -4916 - approx Day /Week LEMA
50% - 4904 -
61.8% - 4876
78.6% -4837
88.6% - 4814
SYNOPSIS:
NIFTY IS LIKELY TO GATHER SUPPORTS AT 4905-4915 LEVELS (based on Day LEMA and Month LEMA) INITIALLY AND THE BOUNCE BACK WOULD BE DECIDING FACTOR FOR THE C TO COMPLETE AND THE BULLISH LEG D TO START of the Bearish Crab Pattern.
BUY AT 4905-4920 LEVELS WITH STRICT EOD STOPLOSS OF 4870.
Week levels | Month Levels | ||
CLOSE | 4920 | CLOSE | |
PIVOT | 4894 | PIVOT | 5006 |
HI EMA | 5066 | HI EMA | 5370 |
LOW EMA | 4918 | LOW EMA | 4937 |
5 EMA | 4997 | 5 EMA | 5128 |
5 SMA | 5004 | 5 SMA | 5216 |
PrevHigh | 4956 | High | 5280 |
Prev Low | 4804 | LOW | 4789 |
CHECK LIST-DAY | |||
CLOSE | 4951 | 5 SMA | 4954 |
PIVOT | 4956 | 5EMA | 4949 |
HI EMA | 4972 | 10EMA | 4941 |
LOW EMA | 4924 | 13EMA | 4949 |
prev HI | 4971 | 26DEMA | 5007 |
prev LOW | 4945 | 20 Hr MA | 4977 |
10 DMA | 4913 | 50 Hr MA | 4922 |
20 DMA | 4955 | 100 Hr MA | 4911 |
50 DMA | 5134 | 200 Hr MA | 5039 |
200 DMA | 5077 |
Trade Table | ||
Current pattern | X-A | B(current) |
Bearish Crab Pattern Developing | 5432 - 4788 | 5020 |
Trade initiated | SL EOD 4870 | |
Buy at 4905-4920 levels | Proj for C | |
38.20% | 4931.00 | |
50.00% | 4904.00 | |
61.80% | 4876.00 | |
78.60% | 4837.00 |