Shark Pattern in Yes Bank ?
is Bearish shark pattern is under formation in Yes bank ? Leg XA & AB have been formed & Leg BC is under formation or formed . for valid shark pattern BC leg should be 1.13 to 1.61 of leg XA. Presently price has reversed from 1.13 extension ( i.e. Rs.180.2) . Shark pattern would be still valid if prices goes down up to 1.61 extension of XA ( i.e. Rs. 170.4). if prices goes below the 170, it will invalidate the pattern.
Moreover Point X, A , B & C are at the confluence of trend line. Formation of leg CD has already started or will start (if prices goes down to 170.4 & reverse thereafter).If valid Shark pattern is under formation, then prices can move up to 201 to 208 i.e. Point D.
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Declaimer : This analysis is for education purpose only. Consult your financial adviser, If you want to trade for CD leg or DE leg.
Moreover Point X, A , B & C are at the confluence of trend line. Formation of leg CD has already started or will start (if prices goes down to 170.4 & reverse thereafter).If valid Shark pattern is under formation, then prices can move up to 201 to 208 i.e. Point D.
Please comment
Declaimer : This analysis is for education purpose only. Consult your financial adviser, If you want to trade for CD leg or DE leg.
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