On the daily chart, I notice a potential Harmonic ABCD pattern, it has taken support at 38.2 retracement with the extension at 2.818 in sight. Assumption is based on the current Bullish pattern. Important level to break on the up side will be at 18053. It this holds good, we can see it testing 19100 level as per the projection.
PS - I am learning harmonics and views are for learning purpose only.. Appreciate any constructive feedback.. Thanks!
Hi, I am also a new learner. As per me, BANKNIFTY performed Bullish BAT pattern today, where D leg was completed at around 17425. So the first target is now at around 17920 and second target can be around 18050.
Cheena21
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Hello, can you please share the chart for reference .. What time frame you are looking into.. Thank you!
Cheena21
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In my opinion for a bullish bat the retracement should be 0.618 or above for it to be more valid. In hourly chart it is at 0.786.. Otherwise 0.886 and 1.28 (Ideal is 1.24) looks good. But will not be surprised if there will be another test towards point D to test/validate PRZ before shooting up.. Cheers!
nirav5
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Hi, I am using daily time frame. Also, please let me know your views on Asian paint.
nirav5
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Link ref.
Cheena21
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Please check my posting in Asian paint section for the chart ... Cheers!