M&M - CMP 781.95 - Lot 500 - Margin 62000

Another bearish Gartley pattern. Short at CMP for 746 / 706

SL above 800 - reverse for 845 - could be a wolfe

BANKBARODA - CMP - 866.8 - LOT 250 - Margin - 32000

Bearish Gartley in hourly charts with targets of 835 & 800

Shorted @ 857 Feb Futures.

There was also a wolfe wave - reversals happen after targets are achieved.

What are Gartley Patterns?

What Does Gartley Pattern Mean?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.

Investopedia explains Gartley PatternThe above Gartley example shows an uptrend XA with a price reversal at A. Using Fibonacci ratios, the retracement AB should be 61.8% 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 78.6% of the AB price range, not the length of the lines, 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 buy/sell (bullish/bearish Gartley pattern) as the price is about to increase/decrease.

Here is an example of a Gartley on IDEA - The horizontal lines are the targets.

Here is an example of a Wolfe Wave on Idea