Nifty

We seem to be forming a bearish Bat Gartley pattern on the daily charts. In technical analysis, it is a complex price pattern based on Fibonacci  numbers/ratios. It is used to determine buy and sell signals by  measuring price retracements of a stock's up and down movement in  stock price.

The attached Gartley example shows a downtrend XA with a price reversal at A. Using  Fibonacci ratios, the retracement AB should be 38% to 88% of the price range A minus  X, as shown by line XB. At B, the price reverses again. Ideally, retracement BC  should be between 61.8% and 88% of the AB price range, in this case however it retraced close to 95%, and is shown along the line AC. At C, the price again reverses with  retracement CD between 127% and 161.8% of the range BC and is shown along the  line BD. Price D is the point to sell (bearish Gartley pattern) as  the price is about to increase/decrease.