iCharts Discussions

[shekharinvest]

Hi,

Posted below is a chart of Nifty as it unfolds. It seems that it is making a Gartley pattern. So far symmetry is good. Should it take support at 5530-5560 area and then reverses it can do 6525-6550.

Gartley is a complex price pattern based on Fibonacci numbers/ratios. It is used to determine buy and sell signals by measuring price retracements of a stock's up and down movement in stock price.

X - 5349
A - 6339
B - 5690
C - 6181
D - ??? ( 5532, 5557, 5560)

X-A = 990
A-B = 649
B-C = 491
C-D = ??? ( 649, 624 )

A-B = .618 OF XA
B-C = .786 OF A-B (almost)

C-D min has to be 1.272% of B-C (624) and max it can be 2.618 of B-C (1285) which can take it to 4895 but that will negate the gartley pattern in totality, hence I presume Nifty to stop some where 5530-5560 range for this pattern.


Today Nifty closed at 5696.50. Posted for academic purposes only.

SHEKHAR

[sandew]

Hi Shekhar,

Trade the gartley only when it is completed.
and
Do not pre-judge what type of gartley it is going to be, till it is completed.

I know you know this, but I was just looking for a reason to say Hi to you.

[amitkbaid1008]

Hi Shekhar

Most likely it is to go to levels 5387 as marked by me on weekly NIFTY chart along with all points of GARTLEY PATTERN along with Fibonacci.

As per explanation of GARTLEY PATTERN "At C, the price again reverses with retracement CD between 127% and 161.8% of the range BC and is shown along the line BD. Price D is the point to buy/sell (bullish/bearish Gartley pattern) as the price is about to increase/decrease. "

161.8% as indicated by you comes to C-B => 6181-5690=491
C-B*1.618=794
D is 6181-794=5387

[rohit44]

....great job done....can we assume atleast 5555 level in jan?? or any pull back till 5800 5900 is on cards??....please share the same pattern if found in stocks too....found this as most reliable pattern...isn't it???

[aag]

@ shekhar.

take a look at rcom. i think u might like what you see.

[acharyams]

Shekharji,
What if nifty reverses its course from here leaving 5620 as bottom?
Will the pattern remain valid in that case with 6500+ target intact?

[shekharinvest]

Sandew

Hi


amitkbaid1008

One point to note here that C-D cannot be more than .786 of X-A which comes to 5560. The range 5530-5560 appears to be a most probable zone if it happens to be a Gartley.

Otherwise their are many other possibilities.

For rest of the ppl I had read about Gartley a long time ago, it was by chance that pattern struck to me yesterday and I tried to do some maths. I am as ignorant as you about this setup. So it would be difficult for me to make any comment on the matter.

Just Wait and watch.

SHEKHAR

[ashis]

Dear Shekhar

As per Gartley Patten when D fforms then this pattern is complete then how can we presume 6522?
Is it after achieving D market will go up as difrrence between XA?

Please guide.
Regards
Ashis

[shekharinvest]

Bought some Niftybees @ 5500 NS SL below X will add some more if get lower levels in coming days.

SHEKHAR

[amitkbaid1008]

[rohit44]

Dear shekhar and amit......gartley pattern which is under construction is a bullish patter na?? kindly confirm.....can we start shopping? or lower tgt like 5200/5100 or may be 4700 as some analyst said can be expected??? kindly advise

[amitkbaid1008]

[rohit44]

Thank you.....should we start shopping @ 5380 levels....if yes any sl or level to keep in mnd???

[aag]

Without a doubt is a bullsh gartley. 5600 was the zone for D. hence my loud claim on 14th that its a selling climax.
now, however, it looks like 5400 might also come.
but, its a completed bullish gartley.
NF will see 6300. dont miss the ride.

[shekharinvest]