Nifty Gann Price Action with Time Cycles
Nifty has shown sharp decline over past few days and prices have corrected from 11794 levels to the recent low near 11025.
Gann square of 9 is an important technical analysis method that helps us in providing the probable reversal areas.
Following is Nifty chart showing different Gann support and resistance levels based on 180 degree angle.
Nifty Gann and Time chart:
Gann Projection: We have shown Nifty Gann projection on daily chart which is an advance analysis tool for forecasting resistance & support zones. The important zone as per Gann was placed near 11936 followed by 11500 levels. There was a push on the upside towards these levels but could not sustain for long and reversed from there. This clearly suggests that there is change in the wind and now close below 11078 will result into the down move further towards lower support levels. Always remember Gann projections give us the zone and not necessarily the exact price point.
The levels are derived using the Gann 180 degree square of nine. During the up move we can see that prices were overshooting but reversing back on most of the occasions. Even this time when the level of 11503 was broken on upside there was a reversal back below the Gann level. The reversal takes halt near the Gann supports and the same is now near 11078. If the same is taken out with momentum then we will eye for much lower levels.
Combine the above method with Hurst’s Time cycles and you will know whether the level of around 11078 is going to be protected or not. It is amazing to see how these advanced methods get aligned together.
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