Nifty forming typical Adam and Eve double bottom

Prabhjeet

Well-Known Member
#1
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
 

Attachments

djsinha

Active Member
#2
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
Good observation Prabhjeet.
 

milkyblack

Well-Known Member
#5
I think 6350ish right? actually forgot the highs!!! after such a fall!!! now only remember the bottoms :D

even with 6300 level... 7000 + should be there.... according to the Adam Eve theory ( though i dont know abt them tht they knew technical analysis from the birth of mankind ;) )

If Adam & Eve thing comes true then hurray!!! personally i am not tht well read in technical anaysis abt Adam Eve bottom... i came across here for the 1st time though

Regards
 

milkyblack

Well-Known Member
#7
No he meant 6500 i think as he wrote....

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
 

sudoku1

Well-Known Member
#8
EVERYTHING IS POSSIBLE IN LOVE, WAR & MKTS.......& yes.....the upsides....not unless sensex closes abv 17775.:D
 

Prabhjeet

Well-Known Member
#10
There is no need for so much of detailed discussion about the absolute target, we have to give + or - 5% room to target and anyways this pattern will show real strength once 5500 is crossed until then second bottom is a probability and not a surity, if Nifty does not cross 5500 then we may even go below the bottom of 4500
 

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