The week gone by was really Intresting. In many ways. In my earlier Posts previously I referred the Law of Gravity and its Implications in Financial Markets. Because according to this no object in our Planet can move in single direction for long. So we saw the logical pullback in markets around the world in the week gone by. But it got extended and again puts NIFTY in the zone where chasing upside should be avoided and profits must be secured on higher levels.. it would still be considered as a pullback in a downtrending market because Trend Reversal zone in NIFTY is still at some distance from current levels
As a Gann follower until few important cycle levels are not crossed it wont be wise to change the stand on markets. Because Gann methods are applied using Mathematical Laws which are not based on assumptions. There are long list of rules which has to be followed before taking any View or Trading Positions whether it is for Intraday or Positional Trading
Now coming to the NIFTY and its structure. Firstly on 24th Sep NIFTY broke the monthly price vibration support after last week of May. The upmove from 9475 to 10990 was 1 way if monthly price vibration cycle is considered. Yes there were some corrections in last 4 months but there was not a single incidence where it broke the monthly vibration support. But on 24th sep it broke the monthly support that’s why the structure remains week. And will continue to remain week until NIFTY takes out the highs of Sep and Aug. Because monthly Highs and Lows are considered to get the secondary idea of primary trend accept monthly price vibration cycle. If I provide you a recent example how serious it could get for Markets for that I would suggest you to go through the price data of Jannuary and February 2020 and compare it with the price data of Aug and Sep. Kindly go through this data to understand what could be the possible trajectory in coming days. Until something spectacular comes out as a positive surprise the structural direction wont turn that easily for Markets.
For short term the trend remains positive as mentioned earlier as well. But at current levels personally wont chase any upsides until the structure turns positive positionally. The short term cycle would turn bearish below 11190 on spot. Once 11190 breaks on downside NIFTY would resume downtrend till 11065 10900 and 10730 on spot positionally. As per time Thursday and Friday Important weekly vibration dates. Would be Intresting to watch action on these dates according to Time Cycle. Rest markets are always supreme beyond all analysis.
Disclaimer views expressed above are personal. And are Subject to change with time. Any Trades taken with reference to above Analysis has to be at your own risk. Trading in Financial markets is always subject to risk. So dont forget to consult your Financial advisor before taking any trades.https://ganntradersaahil.wordpress.com/2020/10/01/nifty-update-14/
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