Marked in NS Daily chart, long term travel path with the pattern now it is making.
Comment:
The observation points that this is a Bearish butterfly. First wing which is
completed and 2nd wing in progress. It can be seen that in the first wing
at the time of start the price came out of the pattern and middle way through it
climbed inside the pattern. Same thing happening now in the second wing
price fell out of pattern and now started climbing into the pattern with a
sideways movement with upward bias (which is very limited). Once it is inside
the pattern again it should start falling towards the C. Whether it will touch
the C or before that it will reverse is yet to be seen. The dates mentioned
are approximate and it can happen 10-15 days earlier also. This is purely
for educational purposes and any comments / views welcome.
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completed and 2nd wing in progress. It can be seen that in the first wing
at the time of start the price came out of the pattern and middle way through it
climbed inside the pattern. Same thing happening now in the second wing
price fell out of pattern and now started climbing into the pattern with a
sideways movement with upward bias (which is very limited). Once it is inside
the pattern again it should start falling towards the C. Whether it will touch
the C or before that it will reverse is yet to be seen. The dates mentioned
are approximate and it can happen 10-15 days earlier also. This is purely
for educational purposes and any comments / views welcome.