Nifty Future - Harmonic CRAB at the PRZ

5 days ago

TF: 15 minutes
CMP: 25420

The Harmonic Crab pattern is in play and is now at the resistance/PRZ zone of 25400-420

Please be informed that, more often than not, price action at the PRZ is frequently extended beyond the 1.618 fib level (since this pattern itself is known as Extension pattern).

First confirmation of the pullback is break and trade below VWAP (intraday), now placed at 25355

This is an extreme pattern, hence, price volatility is expected

Disclaimer: I am not a SEBI registered Analyst and this is not a trading advise. Views are personal and for educational purpose only. Please consult your Financial Advisor for any investment decisions. Please consider my views only to get a different perspective (FOR or AGAINST your views). Please don't trade FNO based on my views. If you like my analysis and learnt something from it, please give a BOOST. Feel free to express your thoughts and questions in the comments section.

5 days ago

Note

Even if I plot the X origin at the swing high of 25320 (instead of 25290), there wont be much of a difference in the PRZ




On a different note, here is the wave count on Nifty from the lows.. this too favors our view to NOT GO LONG at this juncture.. or better to book profits/ trail with tight SL

2 days ago

Trade active

Not a bad start..trade active and lets see how far this fall can go to

2 days ago

Trade closed: target reached

This played out perfectly.... Although I think there is room to go down, 300 points captured in this harmonic set up.. that is well and good enough..

Price is taking support at the AVWAP from the lows.. and also completed A=C 100% extension.. hence booked out