Let’s take a look at two of today’s patterns which have arrived before 10am – two Fibonacci sub-patterns Alt-ABCD. While Alt-ABCD patterns are useful as supporting patterns to larger harmonic patterns, they can be useful at signaling potential moves by themselves too.
Jump to: Pattern Result
Date and Arrival Time: 2020-11-09 09:20
Symbol Name: WIPRO
Pattern and Direction: Alt-ABCD – Completed – SELL
Pattern Completion Price: 352.65, Pattern Ideal Completion Price: 352.90
The formation Span of this Alt-ABCD pattern is 3 days. Given the short span, we can expect this to give a short-term or intra-day move.
There is a potential Sell opportunity at 352.65. A safe stop-loss can be kept at 352.90, to maintain the best possible risk-reward ratio..
Date and Arrival Time: 2020-11-09 09:45
Symbol Name: CIPLA
Pattern and Direction: Alt-ABCD – Completed – SELL
Pattern Completion Price: 803.70, Pattern Ideal Completion Price: 805.30
The formation Span of this Alt-ABCD pattern is 10 days. This Span is longer than the previous example, and the potential move can be expected to last longer than the intra-day, potentially 1-2 days.
There is a potential Sell opportunity at 803.70. A safe stop-loss can be kept at 805.30, to maintain the best possible risk-reward ratio.
Let’s check back in later and see how these patterns have fared!
UPDATE : WIPRO – Alt-ABCD
10th November EOD : SUCCESS
2 days after the arrival of the Bearish Alt-ABCD, the price of Wipro has fallen considerably. A potential maximum move of 3.15%, or an 10th November EOD profit of 2.60% was achievable.
UPDATE : CIPLA – Alt-ABCD
10th November EOD : SUCCESS
2 days after the arrival of the Bearish Alt-ABCD, the CIPLA has had a massive fall – let’s look at the potential profit if this was an entered trade. A potential maximum profit of 10.96%, or a 10th November EOD profit of 8.85% was achievable.
Learn more about Alt-ABCD patterns.
See more posts about Alt-ABCD.