Nifty has made a run from the low of 5477 till 6070.15 - today's high as of now. With the High 6112 - made in Jan 2013 a Bearish Gartley Harmonic pattern(CLICK HERE) was complete in Monthly Time Frame. Now a Bullish bat pattern is in the making.
BULLISH BAT PATTERN:
X-A - 4770 - 6112
B -
5447 - 50% RETR OF XA 5441
C
(current) - 6070.15 - approx -88.6% of AB
Proj for D:
38.2% - 5775.36
50% - 5807.75
61.8% - 5703.5
ABCD pattern -HIGHLY
BULLISH
If 6112 is crossed decisively then, it becomes an ABCD pattern with vertices,
A -4770
B-6112
C - 5477
&Proj for D:
113% of BC - 6194
127% of BC - 6283
141.4% - 6374
161.8% - 6504
The deciding levels are between 6070 and 6112. Caution with Longs till 6112 is desicively crossed. Positional shorts if taken the stoploss should be strictly maintained at EOD close above 6112.
WEEKLY CHARTS:
The weekly charts also exhibits resistance at current levels and the indicator is Highly Over Bought. Caution with Longs till 6112 is taken out decisively.
