The above chart highlights the harmonic ABCD pattern for Nifty 50 index on the weekly time frame.
The index has formed AB and BC waves of the ABCD pattern . The price has broken out of B (18096). As per harmonic pattern theory, a breakout above B indicates the price is heading towards the target of D (19900).
If we put the AB and CD waves of the ABCD pattern of equal duration in time, the target time horizon comes out to be the last week of December 2022.
How's that for a end of year rally!
Note: The bullish thesis of the ABCD pattern is invalidated only when the price falls below the support zone of B (18096).
The index has formed AB and BC waves of the ABCD pattern . The price has broken out of B (18096). As per harmonic pattern theory, a breakout above B indicates the price is heading towards the target of D (19900).
If we put the AB and CD waves of the ABCD pattern of equal duration in time, the target time horizon comes out to be the last week of December 2022.
How's that for a end of year rally!
Note: The bullish thesis of the ABCD pattern is invalidated only when the price falls below the support zone of B (18096).