Hello and welcome to this analysis
Bank Nifty after a stupendous run has reversed from a Bearish Harmonic Alt Shark suggesting a probable 38-50 Fibonacci retracement of the entire run since mid June.
Harmonic patterns are formed when structures synergize with Fibonacci ratios thereby giving higher probabilities of reversal confirmations.
This view will be valid till SPOT does not break above 39850
Risk Reward appears to be very good for a bearish trade.
Bank Nifty after a stupendous run has reversed from a Bearish Harmonic Alt Shark suggesting a probable 38-50 Fibonacci retracement of the entire run since mid June.
Harmonic patterns are formed when structures synergize with Fibonacci ratios thereby giving higher probabilities of reversal confirmations.
This view will be valid till SPOT does not break above 39850
Risk Reward appears to be very good for a bearish trade.
Note
BN is currently at an interim support level, it could go sideways or see a minor bounce from here. Partial booking is advised here at 38350
Online courses on Harmonic Trading Patterns, Ichimoku & Trading Psychology Risk Management
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Online courses on Harmonic Trading Patterns, Ichimoku & Trading Psychology Risk Management
t.co/3mGWp29Xkb
t.co/3mGWp29Xkb
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.