In my previous post I had mentioned the possibility of dip taking us to 5578 and then moving up again in following pattern:
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And it obliged
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While Gartley's upmove is limited to 1.618BC, Bat pattern can take it to 2.24BC=5760 and 2.618BC targeting5792
And as we move up-higher degree Harmonic patterns would come in play:
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Inferring from the above two degrees of Harmonics, channel and RSI-14 on Hour chart, I would say 5720 and 5770 are two points where Nifty would take a pause and begin a dip. As this dip would be part of a higher degree Harmonic pattern (shown in blue in above chart) so its likely to retest 5625-5640 zone.
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And as we move up-higher degree Harmonic patterns would come in play:
.png)
Inferring from the above two degrees of Harmonics, channel and RSI-14 on Hour chart, I would say 5720 and 5770 are two points where Nifty would take a pause and begin a dip. As this dip would be part of a higher degree Harmonic pattern (shown in blue in above chart) so its likely to retest 5625-5640 zone.
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