Friday, October 22, 2010

a DYNAMITE candle reversal pattern on NIFTY weekly charts.

It is not known much, one of my old friend identified this candle reversal pattern identified this pattern ,way back in around 1996..its called A DYNAMITE.
it develops when one candle has very high shadow (inverted hammer  or a shooting star) FOLLOWS by a
a candle with a big lower shadow (HANGING MAN ).

THE implication of this pattern is an EXPLOSIVE down move, when it appears at the TOP.
For my readers though, 5924 /5700 nifty targets have been given, earlier.
it will be intersting to know when the pullback rally actually ends.
it will be a close below 5098,i would call the pullback rally to end.

heres the nifty chart.

2 comments:

jayrang patel said...

close bellow 5098 might be typing mistake

rajamani said...

any article related to DYNAMITE