Nifty spot This chart appears to represent a harmonic trading pattern, likely based on Fibonacci retracement and extension levels. Here's a breakdown of the key elements visible:
Harmonic Pattern (Possibly a Bat or Gartley Pattern):
The labeled points X, A, B, C, and D suggest this is a harmonic pattern. The Fibonacci levels (e.g., 0.504, 0.554, 0.886) indicate retracements or extensions of price movements:
Point D is the completion of the pattern.
The price might be expected to reverse near Point D.
W and N Levels:
The blue line labeled "W" could represent resistance or the expected reversal zone.
The red lines labeled "N Entry" and "N Target" suggest planned entry and exit levels for a trade.
Volume and Indicators:
The volume bars at the bottom indicate activity during each candle's period.
The MACD (moving average convergence divergence) indicator at the bottom suggests potential momentum or trend direction.
Trading Plan:
Entry at the "N Entry" level might indicate a short trade expecting a reversal from the "W" zone.
"N Target" defines the profit target for the trade.
