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.
