Hi everyone,
Was going through Nifty weekly charts today, it seems to be forming a typical Adam and Eve double bottom.
Here is the explaination:-
In the 3rd week of Jan a sharp bottom at around 4450 was formed and in 2nd week of March a rounded bottom (Eve bottom) was formed at around 4500 levels and what gives confirmation to the pattern is that the Adams bottom was formed on higher vol.s as compared to Eves bottom ithin a difference of 8 weeks
TARGET:-
Now the highest point between the two bottoms aka Median point is 5500, if the Nifty were to cross the 5500 levels than the target is achieved as follows
Median pt.- Bottom i.e. 5500- 4500 = 800
This difference is added to top formed previous to this pattern formation i.e 6500 on nifty
So the target is 6500 + 800 =7300 on Nifty
Have attached the charts below
Was going through Nifty weekly charts today, it seems to be forming a typical Adam and Eve double bottom.
Here is the explaination:-
In the 3rd week of Jan a sharp bottom at around 4450 was formed and in 2nd week of March a rounded bottom (Eve bottom) was formed at around 4500 levels and what gives confirmation to the pattern is that the Adams bottom was formed on higher vol.s as compared to Eves bottom ithin a difference of 8 weeks
TARGET:-
Now the highest point between the two bottoms aka Median point is 5500, if the Nifty were to cross the 5500 levels than the target is achieved as follows
Median pt.- Bottom i.e. 5500- 4500 = 800
This difference is added to top formed previous to this pattern formation i.e 6500 on nifty
So the target is 6500 + 800 =7300 on Nifty
Have attached the charts below
Attachments
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