Hello and welcome to this analysis
Bank Nifty after a stupendous run has reversed from a Bearish Harmonic Alt Shark suggesting a probable 38-50 Fibonacci retracement of the entire run since mid June.
Harmonic patterns are formed when structures synergize with Fibonacci ratios thereby giving higher probabilities of reversal confirmations.
This view will be valid till SPOT does not break above 39850
Risk Reward appears to be very good for a bearish trade.
Bank Nifty after a stupendous run has reversed from a Bearish Harmonic Alt Shark suggesting a probable 38-50 Fibonacci retracement of the entire run since mid June.
Harmonic patterns are formed when structures synergize with Fibonacci ratios thereby giving higher probabilities of reversal confirmations.
This view will be valid till SPOT does not break above 39850
Risk Reward appears to be very good for a bearish trade.
Comment:
BN is currently at an interim support level, it could go sideways or see a minor bounce from here. Partial booking is advised here at 38350
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