NIFTY UPDATE

NIFTY: had everything on FRIDAY to go through its resistance of 17,450! But it failed to do that. Since the start of this month, NIFTY is Trading sideways in well defined range!
We discussed on TIME earlier! (why 19th,OCTOBER is a critical date), today let’s focus on PRICE! There are few PATTERNS which are used in Trending Markets, and there are few PATTERNS which are used in SIDE-WAYS MARKETZ!
In SIDE-WAYS MARKET we use (SQUARING PATTERN), which for (NIFTY) is Trending down! But not expanding! This PATTERN will expand once NIFTY will close below 16,817 on spot!
Break away point for this PATTERN is 17,341 on closing basis! So until we get a closing either sides, there is no trend in short term! Before that if NIFTY breaks 16,897 it will eliminate all pull back possiblity!
TIME will take its TIME to complete its rotation! But before that if NIFTY breaks 16,897 then PRICE will give BREAK DOWN before TIME! But as long as 16,897 holds we still have space to travel till 17,600!
Why 16,897 is important? Geometrically that’s 1×1 angle from the top! Which is very important! Broadly I still hold my bearish view but in short term, would wait until PATTERN get clear!