Here's an update since last chart was made proposing the harmonic "Bat Pattern". As the US market went through all kinds of problems, the NIFTY (Indian) market quietly got it footing back in October at the lows. This spot was right near the green "buy line".
As the NIFTY went up and then had a sudden retrace, we were looking for that low to hold and then begin to consolidate for a while as shown by the (yellow / red) caution note labeled.
Sure enough, we got a triangle to consolidate and burn some time. Last week we got a breakout, and now it looks like a retest of the upper triangle pink line. This should hold for the bullish case. The Gann timing chart shown on the right side in pink seems to be close on the minor turns.
Lets get ready for the next push and trend up to finish the Bat Pattern!
As the NIFTY went up and then had a sudden retrace, we were looking for that low to hold and then begin to consolidate for a while as shown by the (yellow / red) caution note labeled.
Sure enough, we got a triangle to consolidate and burn some time. Last week we got a breakout, and now it looks like a retest of the upper triangle pink line. This should hold for the bullish case. The Gann timing chart shown on the right side in pink seems to be close on the minor turns.
Lets get ready for the next push and trend up to finish the Bat Pattern!