The price is trading the upper band of the channel which is resistance but nifty can create penetration(excess2) because of excess1 at lower band.
There is still not worry for long positional trader until the price would not fall below 13397 and Support 13000.
This call was given to our subscribers
BUY NIFTYNOVFUT 12050
Stop-loss 12014, ONLY 36 point stop-loss
BOOKED PROFIT at 12550
500 POINTS PROFIT TAKEN, 500*75= 37,500 PROFIT
This defined the 12798 area as critical short-term resistance. It is important to note that the stock reversed after the AB=CD completion point will test. Although the BC projection was an important calculation within the PRZ of the pattern, the completion of the equivalent AB=CD structure was the defining limit. The chart of the price action in the PRZ shows the near-perfect reversal just the PRZ at 12798 nearby expecting…
I outlined that important level is at 12798 and Terminal Bar will decide for reversal confirmation.
I have mixed use Breakdown + Elliott Modied Basic Rules…
Precious seen AB=CD pattern on LUPIN. The “B” retraced at exact 61.8% and BC project at accurately 1.168%. After completing this pattern, extreme fall was seen in the price.
Bullish Butterfly pattern required “B” mid-point 78.6% retracement and The price can fall 1.27.
The reversal can push the price previous level first 938 and 980.
The price an rise near of the range 853 and 846.
The “B” mid-point is at 61.8% of XA leg.
(Alternate Bat required exact 38.2% B retracement)
For the Crab pattern or Gartley, the “B” can be 61.8% but D must me equal or more than 2 AB = CD.
By the looking on the chart, we have 2 best entry point to enter long side.
It is near the main support line and likely to take its support and move up direction.
At the current level there is two support acting, 1st main support and 2nd symmetrical triangle ascending lower trend so it has a strong support.
In the past it had already made a symmetrical triangle and is was so accurate the price target was perfectly followed, so it is concluded that that price will follow its support and move up, The triangle itself is neutral, it still favors the direction of the existing trend and traders look for breakouts in the direction of the trend.
BUY ZONE -128-123