Bearish Gartley on Nifty

[swagat86]

Yep Lets c, wat comes Next.

 

[amitt29]

Good find buddy @ Swagat ,..

But one thing to be considered over here is that ,.. if nifty is able to sustain over 4036 for 3 days ,.. it will definately create a failure in gartley pattern. And i dont think the base of 3960 is to be penetrated so easily.

Anyways ,.. lets see what comes next in the market...

Regards,..
Darsh

This pattern looks good,typical of ABC countertrend in EW terms,well theres one more small matter, the move from the base of 3960 is looking more like an Ending diagonal with 3rd underway or finished at todays high so what we r looking for confirmation is retest of 4016 then a spike and correct back to 3928.
Lets see if this pattern fails or not.
Regards
Amit.

 

[Linus]

Swagat,

Nice post on Gartley. I have used your SPX example on my blog. Thank you.

Regards,

Sunil Saranjame. www.timamo.blogspot.com

 

[swagat86]

Swagat,

Nice post on Gartley. I have used your SPX example on my blog. Thank you.

Regards,

Sunil Saranjame. www.timamo.blogspot.com

Ur always welcome. Although a request, iv got a gud name, insnt it? And '86 is my Birth year.

In ur blog uv mentioned "The SPX chart courtesy Swagat86".

Can u pls remove that 86 and just keep Swagat??

 

[Linus]

Dear Swagat,

I have done as you requested. Very good to see that at such an young age, you have a good knowledge. BTW 86 was the year I bought my first stock Vindhya Tele ....Thanks a lot.

Regards,

Sunil Saranjame.

 

[swagat86]

Dear Swagat,

I have done as you requested. Very good to see that at such an young age, you have a good knowledge. BTW 86 was the year I bought my first stock Vindhya Tele ....Thanks a lot.

Regards,

Sunil Saranjame.

Wow. Like to learn a lot from ur experience.

TY

 

[swagat86]

just an update on gartley for next target.
Its also forming 1-2-3 pattern. Just to note that if tomoros low is lower than 2days this will confirm 1-2-3 pattern.
Frnds who dont know wat 1-2-3 is all abt, iv included a chart.

1-2-3 also is formed with 3 bars. But i think with four bars it will be much more confiramtory. Martin Pring has mentioned that usualy there is a change in the direction of the stock after such a formation, but with 4 bars.

Thanks

 

[swagat86]

OOoops frnds, pls dont think im a bear. JUst telling u all to be a bit cautios .

UPdates here are
1-2-3 pattern done
RSI divergence on Weekly
EW OScillator Divergence on Weekly
RSI Divergence on Weekly.


For news lovers, lemme just remind u that In MAY 06 the downside began with Metals Meltdown. So be careful the metals hav started to fall.

Enjoy the Weekend
Regards

 

[RSI]

Dear Swagat
Pardon me for jumping the gun. How to find out the possible bottom by using Gartley pattern? As per Gartley pattern, where do you find it, I mean bottom for Nifty? These questions are basing on the assumption that Nifty is already undergoing bearish Gartley pattern as suggested by you.

 

[swagat86]

Dear Swagat
Pardon me for jumping the gun. How to find out the possible bottom by using Gartley pattern? As per Gartley pattern, where do you find it, I mean bottom for Nifty? These questions are basing on the assumption that Nifty is already undergoing bearish Gartley pattern as suggested by you.

hi Mr Iyer. As u wud be knowing that the basis of gartley is Fibonacci. So as such iv put a chart named nifty Update on gartley.png . iv drawn the Fibonacci extention and the levels. Ususly one must exit at a particular fibonacci level. which one im also reserachin on them. Need some more time.

TY