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suriNotes

SENSEX Charts...

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than what would be the probable target for the same?

 

 

Hi taq,

 

Thank you for your post...

 

Before I can answer your question of 'where is the probable target',

I will address if a Pattern is considered complete and if so, how to

compute the targets etc. Computing Targets is the easy part :)

 

From Scott Carney's Book(s): Harmonic Trading of the Financial Markets,

Harmonic levels in reversal zones define critical levels from where the

dominant trend may change. A Potential Reversal Zone (PRZ) is defined as

convergence of at least three or more Harmonic levels from the pattern.

Strong reversal price-action and formation of pivots supported with cycles

or Moving Averages etc. could signal completion of the pattern and

potential reversal in its major trend. (See the SENSEX chart with reversal rules...)

 

Also note, patterns also fail and prices reversed from the PRZs also fail to signal

the reversal of trends (some pattern failures are more powerful than patterns).

 

In the SENSEX chart (potential Bearish Crab) presented here, the PRZ

is defined as price reaching three or more critical harmonic ratios (of XA, AB, CD legs)

near a key MA (200 sma). So far the pattern did not indicate

any completion signals. Also no clear indications if the price

will reverse from PRZ (Lower-Lows, Pivoting action etc.) or

any key pivot is made from the PRZ.

 

Once a reversal is made, you can use Fib. Retracement tool

to compute the Targets. Potential Targets would be 0.38CD level

and 0.62CD to 0.786CD levels... If these target levels also

coinciding with prior SwingHigh/lows or MAs, they may act as

further support/resistance areas. Your risk of this short-trade

may be highest level of the Pivot (D) + few points.

 

So, from the current chart pattern, if pattern is complete and if price

reverses from current (11000) levels, the first target may be near

10070 level and second target may be 9300 levels.

 

Hope that answers your question.

 

Regards,

Suri

sensex_bearcrab_chart.thumb.gif.17bbaa3465b1e75b5eda633ee0bfe8ae.gif

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Tnx Suri,

Great to have you here.

Having bought and read your book, I feel that you did not give much in the practical sense of actually using the patterns , thus, .

Can you enlighten us on techniques to pick a reversal on tops:

Magic tick

Ma crosses etc|?

 

Also,

 

Can you please explain your views on using Ticks vs Time intervals.

PS - See my code for Balance points for TS posted in this forum, it goes well with your confluential analysis.

 

Tnx

Edited by programmer

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Hi taq,

 

Good work!! I do think your WW chart is correct.

I have access to EOD data for some stocks from India..

But do not have intraday data for BSE/NSE stocks

to plot in TS.

 

Your second chart also looks good. AB=CD pattern completion

may not mean automatic reversal...

It does require Price-Action (LLs) and some pivotal action

from 'D' level to signal a reversal.

 

Thanks for your posts.

 

Regards,

Suri

 

 

have a look at the chart is probable target zones are correct?

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In first chart all the criteria of AB=CD got compeleted (Gartley's) & also WW was in making

 

after todays closing what is your view on SENSEX we close 6.4% up today?

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Hello Suri Sir

how are you

 

probable bearish 5-0 pattern in NIFTY 60 min chart

 

 

 

what is your view on this?

5aa70ef306e9d_nifty29-06-095-0.png2.png.aefd4957c788dd44355f159083ba847f.png

Edited by taq

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Hi Taq,

 

Thanks for your post.

 

I do not have Nifty intraday data. Only have EOD data.

But your chart looks like a 5-0 Pattern as Scott Carney

describes. Perhaps your 'D' point you marked may be

50-62% of prior move??

 

Let us know how it worked out!

 

Regards,

Suri

 

 

 

 

Hello Suri Sir

how are you

 

probable bearish 5-0 pattern in NIFTY 60 min chart

 

 

 

what is your view on this?

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it can't be better than this

 

yesterday we reverse exactly from 50% retracement & continue that movement today also despite positive S&P,asian & european markets.

 

I think this pattern probability also get increased due to completion point of Reciprocal AB=CD & 50% ret. of entire down move

 

one hurdle is at 4160 last swing low below that tgts are 3900(100%)-3750(127.2%).

what is your view

 

I am able to get 130 points per lot average in last two sessions expecting one bounceback upto 4340-50 tomorrow than will initiate some more shorts if everythings goes fine.

will update

 

Regards,

TAQ

5aa70ef35df64_nifty29-06-095-0.png2.png.2f592ec2102405f13f2d7f36733269a6.png

5aa70ef368fb6_nifty29-06-095-0.png4.png.dc8cb75afe45d259e859e8d34c83cc12.png

5aa70ef3ba6b0_nifty29-06-095-0.png5.png.13bb5d01c327e8a16213784308ba03bf.png

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thanks for that

 

here is updated Nifty 5-0 bearish pattern it went above last swing high(4446) & made high 4480 & than +400 points down in 3 sessions.

5aa70efae1985_nifty08-07-09.png.4d3fc5c0119197520c781c9e05f91100.png

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i am uploading one more 5-0 bearish pattern in ACC

 

look at the similarity b/w this & nifty

both retraces exactly from 50% & than bounce back from around 50% tgt area

what kind of targets you are looking at i am using 1.00BC & 1.272BC projection from D

5aa70efae6d20_ACC30-06-09.png.fe1c8b554e27ef6813a837d09690b6a5.png

5aa70efaebeb1_acc6-07-09.png.8c5b5896fa89b08e61217f2d5deaab84.png

5aa70efaf0cc5_ACC8-07-09.png.e77ed94d4e409fe0d68aae496985a3da.png

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regarding S&P i am uploading Daily & Weekly chart

 

yesterday we break H&S neckline for probable tgt 807-10 let us see how it unfolds

 

once again thanks for your charts

5aa70efb0c714_SPDAILYHS.PNG.466916a2e33b4023de43482026aa0c2e.PNG

5aa70efb10431_SPWEEKLYHS.PNG.560dd0330dec9c562775d1e8d6f684ac.PNG

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