Considering a great downside momentum in the markets, I could see few harmonic probabilities on nifty daily charts.
- First probability I see is butterfly pattern, suggesting 7549, 7447, 7323, 7282, 7235, 7047 as important supports:
- Second Probability is abcd extension pattern, suggesting 7555, 7356.90 as important supports
- Third Probability is Three drivers pattern, most important one because it starts from the high made by the index, suggesting 7335, 7254, 7222, 7084 as important supports.
All these Probabilities create Imp Support zones:
- 7555-7549
- 7356-7335-7323
- 7254-7235-7222.
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