NIFTY April 15 has both hurdles and opportunities

3 thg 4, 2015

In my previous post, I mentioned about a typical Crab projections where NIFTY may witness volatile and sharp upmove with an ability to crack up previous High.

However, on a larger frame it suggests a nearly perfect Gartley pattern (Please refer my comments on the chart). This suggest that upward journey has three major hurdles at 0.618% 0.786% and 0.886% levels and even immediately at 8,620 trend line resistance.

Trading these two patterns (Crab's reversal & Gartley Reversal) in combination would really be interesting and challenging. I expect a war of tug at around 8,900 level where 0.886% retracement has a confluence with H&S pattern's right shoulder.