Bearish Gartley Pattern Explanation:
In the chart attached point X is at 6335.9, point A is at 4531.15 and in wave AB with point B at 5629.95, we retraced exactly 61.8% of wave XA, red font fib level in the chart.
In next wave down BC with C point at 4770.35 we retraced almost 78.6% of wave AB, blue font fib level in the chart.
And now while we are retracing the move of BC we already retraced 127.2% at 5863.76 so now possible target is 161.8% retracement which comes to 6161 Nifty Spot value, green font fib level in the chart. but again as wave CD can retrace 88.6% of wave XA so Nifty still can reverse from 6130 as well.
Target: The target would be 127.2% retrace of DA from point D. So if D is at 6161 target would be approximately 4040.
Validity: The pattern is invalid above point X which is at 6335.9.
Thanking you,
Debdeep Singha, Kolkata.
In the chart attached point X is at 6335.9, point A is at 4531.15 and in wave AB with point B at 5629.95, we retraced exactly 61.8% of wave XA, red font fib level in the chart.
In next wave down BC with C point at 4770.35 we retraced almost 78.6% of wave AB, blue font fib level in the chart.
And now while we are retracing the move of BC we already retraced 127.2% at 5863.76 so now possible target is 161.8% retracement which comes to 6161 Nifty Spot value, green font fib level in the chart. but again as wave CD can retrace 88.6% of wave XA so Nifty still can reverse from 6130 as well.
Target: The target would be 127.2% retrace of DA from point D. So if D is at 6161 target would be approximately 4040.
Validity: The pattern is invalid above point X which is at 6335.9.
Thanking you,
Debdeep Singha, Kolkata.
12 comments:
That was a lovely explanation of the Gartley pattern. Though I have never observed it before will keep an eye on it.
Ilango ji,
the C.5 started 5843 Alt. count also throws up similar tgt areas ... pls check thus
C.1 4770 5349 579
C.2 5349 5033 -316 -54.6%
C.3 5033 5965 932 161.0%
C.4 5965 5843 -122 -13.1%
C.5 5843 6042 199 34.4% ** in play
Tgts for C.5 :-
T1: C.5= 38.2% x C.1 = 6064
T2: C.5= 50.0% x C.1 = 6133
T3: C.5= 61.8% x C.1 = 6201
Count will be invalid > 6422, as w5=w1 is max for an Extnd C.3
@shriram,
whether c5 could have ended already at 6042, at 34.4 % ?
Namaste Ilango Sir & Blogmates,
Neutral: For the first in the series, the Bears seems to like dominating the proceedings, but still need a good follow-up action to stamp their authority or else Bulls will be back stronger...: Option Analysis for 09-01-2013
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Sanjay Kr Jaiswal
@kalyani NO
detailed short term count on my blog
@T A P O N
thanks for the info
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Debdeepji...very nice explanation of Gartley in NIFTY...I tried to replace NIFTY corresponding values with that of SENSEX for further confirmation...however, have a problem with leg AB as it does not even remotely reach 61.8% of XA (i.e. it is around 57%)...not sure whether 57% is good enough to form a Gartley in SENSEX...am I missing something?..or is NIFTY/SENSEX used to mislead the crowd?...how do we solve this mismatch?
XA - 21109 to 15136 = 5973 (NIFTY 6339 - 4531)
AB - 15136 to 18524 = 3388 (NIFTY 4531 - 5630) 56.72%
BC - 18524 to 15749 = 2775 (NIFTY 5630 - 4770)
CD - 15749 in progress...target 20239...
Dear BALA,
This is the last post from Dear mo k,(blogger) of the said Blog.
OJN 2
For want of time I shall stop blogging now on 23-6-2012
Let us wait for him...
Thanks Ilango Sir for posting my thoughts on the blog. I am highly obliged. Govindji, I will check it probably this weenend or next week and get back to you on Just Nifty google group.
Dear Debdeep,
Nice Analysis and explanation, I'd like to add my few bits to this.
1)BC retraced more the 61.8% so look for the possibility CRAB pattern.
2)XA took around 14 months, so CD should not end in less time, for the pattern to complete we have good six months.
will try to post nifty & sensex counts some time tomorrow.
Regards
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