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A Bearish Gartley is apparent on the Daily Charts of Idea Cellurar Ltd.
Lets examine this Bearish Gartley Pattern :
- Stock Slipped from point X( marked) to Point A.
- Stock retraces about 61.8% of the XA move, from the point A to Point B
- Stock then peaked at Point B, price again slipped to the point C. The BC move retraces 61.8% of the AB rise.
- Stock then rises from Point C to peak at Point D. The CD move was 161.8 % of the BC move.
- This Pattern would be negated , If price rises above Point X.
Since this is a Bearish Pattern, stock may see lower levels in the near term, thus on the downside:
- First Target is at Point B.( already achieved on 24-Nov-2014.)
- Second Target is at Point C.
- Third Target is at Point A.
- Stop is to be placed at Peak Point D, or at Point X.
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Point X is at 178.40.
Point A is at 145.25
Point B is at 166.2
Point C is at 154.1
Point D is at 173
XA move is of 32.74 points, comprising 18.38%.
AB move is of 20.09 points, comprising 12.60%
BC move is of 12.13 points , comprising 7.29%
CD move is of 18.89 points, comprising 12.25%
DB move is of 6.76 points, comprising 3.90%
DC move will be of 18.89 points, comprising 10.90%
DA move will be of 27.72 points, comprising 16.01%
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