Nifty is forming Deep Crab in 1 Hour and 2 Hour and pattern is confirmed. It is still not bearish at the moment therefore, please wait for some signs of weakness.
Per Scott Carney (Harmonic Trader) , SL for Deep crab should be around FIb level 2 of XA Leg. Other possible levels are 2.618 FIB Extension of BC Leg and 1.618 FIB derived from trend based FIB from ABC Swing. (Pl note that this 1.618 FIB is not prescribed level per harmonic trader books and strategies. This is based on my experience and learning.
Again, right now it is not at all weak, Let is show some signs of weakness, like RSI sliding down, Bearish Div. on RSI, bearish candlestick pattern, bearish price action patterns etc.
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Also note that Reliance is also forming a bearish Butterfly Pattern. It is also at price action supply zone around 2100-2110.
Hi
Can you update with your ideas. Nifty is almost at the 2.618 extension (according to your charts)
Kru-KB
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@chat00, This is still valid with 15720 SL Per spot chart. It has not shown major weakness so far only retraced a little from 15650 to 15460 and then again came up at 15670 today
chat00
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@Kru-KB, Thank you! Got it! Yeah it really hasn't shown any weakness. I am wondering what this is leading to. Thanks again for the chart work that you do. It really helps amateurs like me!
Also if possible could you suggest some books to learn harmonic patterns and the kind of work you do? Thanks!
Can you update with your ideas. Nifty is almost at the 2.618 extension (according to your charts)