Nifty Weekly has formed AB= CD Pattern

The AB=CD pattern is very much easy to identify on charts  and is a classic chart patterns which is repeated over and over again and at times shows perfect harmony between price and time
1. It consists of 2 equivalent price legs.
2.  It has specific Fibonacci measurements of each point within its structure.
3.  The amount of distance and the time it takes for price to travel from A to B is equal to the time and distance from C to D

Important thing to note -  Nifty Weekly has formed AB= CD Pattern,

1. AB leg is of 2142 points and took 27- 28 weeks to form.
2. CD leg was expected to be 2142 .CD Leg  is now  hovering near its completion point{ 10037-10043)  Hence price action at these levels are really critical to watch.
3. 10040-10045  is very crucial for the index
4. Since today is Friday, last trading session of this week , hence today's closing is very much important.
5. if it closed below these level, minor correction possibility cannot be ruled out.

Nifty today technical chart | Nifty technical study | nifty technical view as on 12-07-2017

This is a Daily chart of nifty as on 12-07-2017

 I have spotted a Alternated ABCD pattern on Nifty Daily chart, currently nifty is seen trading near it prz zone i.e. 9799- 9815.

In yesterday session , it has formed Spinning candle stick pattern at the pattern prz zone, suggesting supply is there at these levels, hence price action near these levels are crucial to watch , as this will determine the further trend in the index.

For detailed price action, please click on the video below: