NIFTY gave a stunning move on downside yesterday. As I mentioned multiple times before about the official confirmation of breakdown which was suppose to happen below 11020 so 11020 was broken on downside finally. So we are in downtrend officially according to the complex price vibration pattern. I also gave the target of 10625 in my earlier blog which is the level of Triangle of a simple price pattern. And the low made yesterday was 10790 on spot. From there we are witnessing a upmove which is essential for markets. Because no object can move on single direction without temporary pause
Earlier this month NIFTY gave clear indications of a large distribution. Which was unfolding behind the scenes. We spotted it using the rules given by Sir Gann in his books. Another intresting observation which needs to be noted is a breakdown of a Square pattern which is signaling a possible zone of 10260 in coming weeks. Again I am testing this pattern so it shall be considered as a work under progress. I am still in early stage of back testing so before coming to any conclusion it is required for any theory to prove itself in all phases of markets.
As far as levels are concerned for short term. The cycle which turned bearish since 11400 was broken on Monday since then it’s a 1 way fall. Whose trailing SL is at 11080 on spot. So 11080 should be a Line of Control for Bulls and Bares. Levels to watch on downside should be 10730 and 10580 on spot. The structure continues to remain week. But partial profits should be secured on lower levels. As per time Monday and Tuesday intresting to watch because of a Gann date. Need to take it from therehttps://ganntradersaahil.wordpress.com/2020/09/22/nifty-going-as-per-plan/
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