Hey guys,
Welcome to the Technical Harmonic review.
Today, i am gonna talk about the harmonic pattern that usually develop on the index.
The following is a intra-day chart of the index, where i have spotted bullish butterfly pattern, which gives me reward of approx 130 points as yet.
The prz area of the pattern stands at 8330-8328, since these are found near key market reversal points as it did in this case, where 8330 was a key reversal level as per the daily chart.
Hence this pattern was further validating the importance of 8330 levels. ( for understanding 8330 level importance check my previous post)
Do look out for such patterns that validates the important support level.
Welcome to the Technical Harmonic review.
Today, i am gonna talk about the harmonic pattern that usually develop on the index.
The following is a intra-day chart of the index, where i have spotted bullish butterfly pattern, which gives me reward of approx 130 points as yet.
The prz area of the pattern stands at 8330-8328, since these are found near key market reversal points as it did in this case, where 8330 was a key reversal level as per the daily chart.
Hence this pattern was further validating the importance of 8330 levels. ( for understanding 8330 level importance check my previous post)
Do look out for such patterns that validates the important support level.
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Reversal led by the Butterfly Pattern Important levels to watch 8516-18-20, 8469-8460.
As i can further see the probability of another harmonic pattern called Crab pattern.
The projected prz area of which is 8516-8518, which is again an important support zone as per higher degree chart.
Hence price action should be carefully watched near it prz area, to grab the opportunities offered by it.
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