1. HDFC Bank Price took the reversal from 78.6% retracement level from the previous low on Hour Chart.
2. On Drawing AB-CD Pattern on the same.
3. On complete formation AB-CD Pattern, D Point will be the reversal level. Assuming BD = 1.27 , D = 887 Assuming BD = 1.61 , D = 901 Assuming BD=1.00 , D=877 (If Double Top Formation Happen)
4. As we know RBI have lower the Repo Rate on last Friday. Bank may provide more loans to customer. But banks are not ready for collateral free loans. So, Banks will use it as Leverages. Banks Margin will Increase.
@je_sh, 877, 887 , 901 are the price level with higher probability of reversal.
Secondly, 901 level is not an intraday Target. 10% gain in this share in a day does not seen possible. HDFC bank is not that much Volatile. All target are given at point Number 5. I alway suggest to trail the stop loss with every level. Safe trading is the best way of trading.
santosh_36105
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Harmonics is a reversal pattern. What you have drawn is bearish AB=CD pattern. Its is dangerous to buy in CD leg extn.
B-Power
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@santosh_36105, No, Usually in AB-CD Pattern Buy Signal is given above B Point Price level for the Target D Point. When been on CD Leg Extension
santosh_36105
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@santosh_36105, @B-Power, Sorry I disagree with you mate.. Harmonics that I know is always a reversal at D point be it 4 Points Harmonics (AB=CD, 1.27AB=CD and 1.618AB=CD) or 5 Points( Gartley, Bat and various other pattern) for bearish or bullish signal. However I respect the trading system that is working for you. BTW there is bullish BAT in HDFCBANK @ 771 on daily TF.
B-Power
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@santosh_36105, I also welcome your opinion, Please share your study here for better understanding. May be i have missed something. As our objective to make a Profitable Trade on stock Market,
naba_gohain
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The analysis showed almost the accurate timing and price, provided it was done prior to 3-4 days. Good one!