CNX 500
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The index in daily time frame is retesting a Bullish Harmonic Gartley pattern made in end January which coincides with the formation of a wedge pattern and a double bullish divergence.
A bounce back could be possible if it manages to start sustaining above 20850 for 21500-22500 however, if it breaches the lower trendline of the wedge then a lot more downside would become inevitable.
Harmonic Trading Patterns are formed in a combination of structures and Fibonacci ratios. When they align and give a reversal candle follow through a strong bounce/reversal probability is relatively high.
Wait for confirmation and enter only then, in case of breach of falling trendline avoid the signal.
Regards
The index in daily time frame is retesting a Bullish Harmonic Gartley pattern made in end January which coincides with the formation of a wedge pattern and a double bullish divergence.
A bounce back could be possible if it manages to start sustaining above 20850 for 21500-22500 however, if it breaches the lower trendline of the wedge then a lot more downside would become inevitable.
Harmonic Trading Patterns are formed in a combination of structures and Fibonacci ratios. When they align and give a reversal candle follow through a strong bounce/reversal probability is relatively high.
Wait for confirmation and enter only then, in case of breach of falling trendline avoid the signal.
Regards
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