Gann Square of 9
is simplest way to identify Price action
support and resistance area.
Nifty has been following this Gann square of 9 levels
prudently. These levels also act as magnet or mean reversion.
Nifty Daily Chart –
Gann levels with Neo wave
Gann analysis
Nifty has continued to rise since the low formed near 17060
levels and every rise has paused around Gann square of 9 levels marked as red
horizontal lines.
The top formed at lifetime high levels is also 19990 which
is near Gann square of 9 levels.
The fall after that halted near the magnet 19391 that we
have been talking about since many weeks.
So the low near 19220 is crucial. These Gann levels act as
magnet in pausing the up and the down move and prices start oscillating around
it. Easiest way to trade this is to sell Options around this levels.
Elliott wave – Neo
wave analysis - The entire rise on
upside has been in double corrective pattern and prices formed Diametric – x –
Triangle (ongoing). So we completed wave b of a Triangle and prices can be in
wave c. We can expect price movement back to 19750 – 19800 levels as long as
the low formed below Gann level near 19220 remains intact.
This way by combining simple Gann and Neo wave pattern trading can be extremely interesting as
it combines the power of Price action along with Neo wave techniques.
Options trading can take a different league as one can form
prudent strategy on basis of above.
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