Hi bunny
Good piece of info. This can enable us to take position tomorrow only if we see that a green candle (3rd candle of the morning star formation) eats into the red candle of y'day.
Regards
DJ
Thanks, we can expect a bullish reversal if:
NIFTY opens above 4005 and closes above 4045
SENSEX opens above 13420 and closes above 13564
Else, fierce bearish continuation. Also, we are at the same dangerous point where we gapped 2000 SENSEX pts (election day). So when you look on a larger timeframe, we can identify an
island reversal pattern. The failure rate for top island reversal is only 13%, and lets also not forget that the overlapping top head and shoulder pattern with neckline already broken which has still lower failure rate of only 7%.
If you calculate the lower target of SENSEX using the measure rule then its around 12, 285 (21% down from top), and if you calculate using island reversal, its around 12, 060(10% down from gapping level).
Now lets wait for the moment!