DOWJONES;INDUSTRIALS is possibly in its last stages of its counter trend move which started from OCTOBER Lows. May be it already peaked at 34,600 or have 1 more high pending above that: doesn’t matter this move in all probabilities is near its end!
Since MARCH I have been posting BEARISH outlook on U.S. MARKETS. and markets have corrected fare enough since then. BULLISH or BEARISH Outlook in Gann Theory is measured by previous MARKET CYCLES.

This can go back several days,weeks,months or years. There are certain rules which are classified in Gann Theory which makes the job easy for finding which CYCLE is likely to repeat.
Now when we project (MARKET CYCLES) that not only specify the STOCK MARKETS particularly, MARKET CYCLE also includes ECONOMIC CYCLE, CORPORATE PROFIT CYCLE, WAR CYCLES and TRANSFORMATION CYCLES. Now when we combine these CYCLES that equals the complete MARKET CYCLE.
Later this MARKET CYCLE is projected using (TIME CYCLES). You just cannot project CYCLES using PRICE. In short term that’s fine but beyond then that PRICE holds very less significance. Currently we are following MARKET CYCLE of 1972-1973 in UNITED STATES.
It’s not the aim of this post to show the similarities between that and current CYCLE. The point which we need to understand is: we are likely to repeat that CYCLE which technically means much lower levels in EQUITIES. So when you are absolutely certain with that, then you don’t have any fear or greed.
No matter what the majority feels this BEAR MARKET is not over and the sharpest decline is yet to occur going forward. For short term $DJI have (HARMONIC CHANNEL) support at 33,200 which once breaks would open way for 32,400 31625 and 30,800 in coming days. For medium term would look for 23,000-25,000 zone for a durable BOTTOM!
70% of new investors have no idea what is a BEAR MARKET. The day when you realise that it would be all over. Few BEARISH PATTERNS are very odd and TIME consuming, but what follows next usually hits you very hard, if you get stuck on wrong side of MARKET CYCLE, Let’s see!

NIFTY failed to hold the print of 18,644 on spot, which took away the MOMENTUM from the rally. Such rallies are heavily dependent on MOMENTUM, hens this slow down should be a cause of conserne: but as we discussed on FRIDAY (break of 18,644 will not signal reversal)!
So what can give that indication for reversal. As I explained on 25th,NOVEMBER higher degree reversal would be based on a process which will take TIME. but for short term we need a daily close Below 18,550 to get TIME VIBRATIONS more stronger. Once we get that we would look for VIBRATION PATTERN breakdown which would take place below 18,471 and then we go forward to 18,280 and 18,133. NIFTY is slow to respond but eventually should pick up the speed going forward. With plenty of events lined up from tomorrow need to be watchful
Better to focus on process and step by step conformations!

NIFTY better holds the print of 18,644 on spot, to maintain this uptrend in its current form. Break of 18,644 would not signal a reversal, but would reduce the MOMENTUM on upside. The break-up for (NIFTY) is very intresting. BANKS at any cost have to move higher!
Because 42,900 is very important for NIFTY BANK. A daily close below 42,900 on cash will put this INDEX in week position. On TIME front, on MONDAY this INDEX will hit important geometrical angle from MARCH lows!
Not only NIFTY BANK even NIFTY AUTO would hit that angle, infact anything which made low on 8th,MARCH would be at inflection point!
For NIFTY short term setup will turn bearish once zone of 18,450-18,550 breaks on spot. TIME VIBRATIONS will get stronger below 18,550.

$S&P;500; is going very close to breakdown point but some how managing to protect key levels. This is something amazing, very rarely we see, MARKETS respecting levels to the DOT.
Coming back to our last review here,
On 23rd,NOVEMBER I shared that we do require a daily close below 3,956 to get conformation for a breakdown
and if it does not close below 3,956 then it can make higher highs closer to 4,100. On tuesday (S&P) cash closed at 3,957!
Now we are there at 4,100 so it should end here, if it is a simple correction
Because what happens in simple correction is, you make new lows that recoveres to a certain point again it falls.
And make new lows until MARKET achieves its CYCLE objectives
So far U.S. MARKETS have been in simple correction that’s why it has gone as per script since MARCH!
Going forward if this correction gets COMPLEX then things would get tricky. For now we have less reasons to believe that can happen but need to look out.we should get more clarity till 5th,DECEMBER!

RELIANCE in my earlier post on 22nd,NOVEMBER I posted the importance of this stock and why it is significant for (NIFTY). We were looking for a breakdown conformation below 2525, which dint happened.
Hens the stock rallied holding 2525 on cash! Going forward, RELIANCE is approaching the (PRICE and TIME) Interception point. PRICE wise zone of 2750-2786 would be a squaring out area
To look out for
TIME wise we are in 30th week from the TOP of 2856 made on 29th,APRIL 2022.
More then that on daily scale the stock would complete multiple cycles from 08,march low and 29,april high on 1st 2nd and 5th of DECEMBER.
So would be very intresting!
If prices face rejection from above zone then we could witness a vertical move in the stock in Coming days. Need to observe this stock, how this behaves from Tomorrow!

NIFTY at 18,644 will complete a Triangle and also hit 2×3 Angle from SEPTEMBER bottom. At record highs the thing which I prefer to focus would only be supports. PATTERN supports are in the zone of 18,267-18,330 on spot.
As long as this zone holds MARKET would continue this move. The entire objective for this rally has been depended on PATTERN supports not only in INDIA but in U.S. as well.
U.S. MARKETS are very close to break the lows they printed on TIME SQUARING DATE
once they sustain below that, the counter trend bounce which started from october 13th low, would come to an end.
22nd,oct was that date. Need to watch that.
Once they conformed reversal markets would go back to october lows in very short time. Similarly NIFTY also would catch up on downside below supports
But until supports are held there is no weakness for now.

NIFTY is up and above very close to record highs which it posted in OCTOBER of 2021.
But as I posted earlier it’s only a number
A break of 18,604 will not confirm the start of a new BULL MARKET which everyone is pointing.
Because even if you keep (TIME CYCLES) aside I never saw a BULL MARKET in which broader market has no participation. Even in NIFTY 80% of upside has been sponsored by 7 STOCKS. So what does this mean?
Do we look this as 7 stocks are in BULL MARKET and 43 stocks are in BEAR MARKET. Now when I ask this question the BULLISH participants fail to explain the rationale behind this. Everyone is just happy That NIFTY is at new highs. Targets of 25000 and 27000 are shared very strongly. Now in this TIME if I say we still have a move pending towards 14,400 and below this really wont go well with majority. I really can’t do much about that.
Now all this will make sense only if you are an INVESTOR. you may have that fear of missing out
But that’s your risk which continues till next OCTOBER of 2023.
So plenty of TIME left for that.
TIME wise major BEAR MARKETS Lasts around 18 months from a CYCLE TOP
So we only refer the high which is posted during the CYCLE.
So for NIFTY we will refer 18,604 and for NIFTY BANK we still would take 41,829 as CYCLE TOP. Anything above these levels do not hold any importance mathematically we can extend the move by 1X8 or 2X8 but the underline fact doesn’t change.
This was 1st part moving on for Trades. Secondly for (TRADERS) there has been no confusion on approach. The point is very simple: a daily close below 18,133 would provide initial conformation for a higher degree (REVERSAL).
So this is a process which has to be followed!
The higher degree (REVERSAL) is a long process and a close below 18,133 would be a 1st step of an overall process. Once we get that we would go a step forward and look for 2nd, conformation which would be a (HEXAGON) breakdown!

$S&P;500; is at a Turning Point but needs further push to turn down finally. It’s not turned yet. Last week when we reviewed it I mentioned for primary indication for a TOP, we need a daily close below 3,944!
Till Yesterday we do not have any daily close below 3,944, so TOP dint really got confirmed.
So from here the level below which market have to close atleast for a day, would be 3,956 which is yesterdays low.
Already made it clear why that’s important.
So moving on, what happens if it does not close below 3,956? Then we can see higher high closer to 4,100 which would be the final move for this rally.
Not much TIME left to consolidate here; PRICES have to move quickly on either sides.
The intresting factor would be CBOE VIX, A move above 24.02 should bring back old volatile days.
Everything is in place as far as TIME is concerned but there are certain conditions attached with PRICE. So we need to wait for that alinement!

NIFTY is largely unchanged again. This sideways PRICE action holds no relevance. The only point which matters is a daily close below yesterdays low of 18,130 approx.
Since that’s the low of (TIME SQUARING) date, we require a daily close below its low to break the PATTERN.
Just to give the example how critical yesterdays low is, we need to check precisely previous (TIME SQUARING) DATES. They were 3rd,OCTOBER, 19th,OCTOBER and 4th,NOVEMBER. AFTER 4th, next date was yesterday 22nd,NOVEMBER.
Since 3rd,OCTOBER NIFTY has not closed below the low of these dates.
So once we close below yesterdays low, that will break a pattern, which later would result in higher degree reversal which I mentioned earlier. If we don’t get the closing then this sideways to positive activity will continue.

RELIANCE is at a point where it have to decide it’s near term Trajectory.
This is the most critical stock for INDEX TRADERS. A breakdown in RELIANCE would signal a break down in (NIFTY) in Coming days.
For now RELIANCE is very close to a break down but yet to conformed that.
We would get initial conformation for a breakdown below 2525 on cash.
Once (RELIANCE) sustains below 2525 we can see levels of 2463 and 2403 positionally.
2525 is nothing but a (SQUARING PATTERN) support.
Once this breaks we can mark 2642 as a secondary top after top of 2856 which was made on 29th,APRIL 2022: there are reasons for doing that, because there were lower highs under 2856 earlier.
It’s a complex structure let’s see how this unfolds.