iCharts Discussions

[shekharinvest]

Hi,


Looks like Gartley's are in vogue these days. Below is a copy-paste from some other blog.

Point 1, 2, 3 are possible reversal zone for NIFTY. And consequences thereof...


SHEKHAR

[shekharinvest]

From another blog


quote
In this pattern:

X is considered as a swing high and taken at 6180
A is taken as the swing low at 5176
B is taken as the next swing high at 5604
C is taken as the next swing low at 5350
D is in the making - can head up to 5927 (227% of BC) / 6021 (261% of BC) / 6060 (88% of XA) which would be the maxium upside potential.

Targets for this BAT would be 5500 (61%) / 4950 (127%) & 4650 (161%)
unquote

SHEKHAR

NB: Views/charts are of respective bloggers.

[S.S.]

hi shekhar

can u comment on the chart?
is it a Gartley ?

[jjm]

HI

Shekhar it has been long time I haven't troubled you..

Being weekend let me ... once again..

Values I have considered are close prices of Candles ( Pt A shld be a red one or green one??) if we consider the swing high then A is 5672 close of red candle ..not aware whether the swing high shld be considered or close prices of candle.. ???

X- 5260
A- 5745
B- 5540
C- 5710
D- 5488

X-A= 485
A-B= 205
B-C= 170
C-D= 222

Now .618 of X-A = 300???
.786 of A-B = 161
1.272 of B-C = 216

1.618 of C-D = 359 so tgt 5488+359 = 5847???

Requested to have your valued comments

Regards,

JJM

[chiragbvyas]

what to expect in yes bank?

pls correct the trend lines in the chart. I have done it for the purpose to learn ww. i know all are mistakes only in the chart what i have created, but would like to learn what modifications you seniors do in this chart and will try to correct my mistakes.

thanks

Regards.

[jjm]

Dear Chirag,

Do post in relevent threads..for WW pattern we have a separate thread

And this thread is for Gartley patterns..

If we presume YES bank is forming a bullish gartley patterns then check 1st page of this thread and calculate the distance between pts ..like x-a, a-b

Let the pattern be complete and then do evaluation do not jump in to assuming that stock is in process of forming any patterns..let the mkt decide

This level is for amateurs like us...once we get used to pattern and behavior of underlying... It will be easy to anticipate and trade with strict SL

Now If we consider yes bank is forming positive gartley pattern then do your homework by calculating dis betn pts and check whether they are as per fibo ratios..now how much tolerance we can accept in figure and fibo ratio..that time will teach us once we keep practicing the pattern

I am also new to this and seek advice from Seniors like Shekhar and other if any body follows these patterns..

Regards,

JJM

[shekharinvest]

Bearish Gartley on Reliance as indicated by fellow Ichartians.

There are other variation also namely Butterflies and Bats. But I have not explored them.

SHEKHAR

[ronypan]

[sherbaaz]

[vinay28]

For those who are interested in a quick but brief reference note on Gartleys and animals, I am attaching one, which I picked up from the net

[Arjun20]

Hi,
On EOD chart Nifty Fut-1M formed an hammer / long lower shadow.
Still it will be premature to draw conclusion about it's Bullish implications.
Recently I got some interest in Gartleys. The 'M' like shape along with Hammer on daily chart made me explore probablity of gartleys.
After several attempts,With help of my friend, i tried to draw Crab on hourly chart . I just drew lines and calculations. Major inputs are from my friend who is not ichartian. So i'm posting it here.
Can experts share their views about it.

rgds
Arjun

[vinst]

[Arjun20]

PFA- Reliance 60TF-Bullish Crab

[vinst]

[Arjun20]