LET THE MARKET TELL WHO WE ARE

A simple yet powerful tool that I use every day in my trading. It’s called symmetry. Symmetry in market means equality when comparing swing in same direction. This technique helps me to project probable target or reversal point on chart. In February after budget session NIFTY index took a dip of 1219.65 points from top of 11171.55 to low of 9951.90. This time nifty has been in a nice down trend from 5 weeks and it has headed a low of 10547.25 in today’s session. If we subtract 1219.65 points from recent top of 11760.20 then areas of 11540.55 are the probable support as per price symmetry. However areas of 10540.55 are probable support areas and reversal can’t be expected exactly from that same level but it can be used as potential support area. On this chart I have drawn a horizontal line which is connecting multiple highs and lows which is also a significant area and rising trend line and horizontal line both are intersecting near 10460 zones which is also a crucial point to wat...

NIFTY is currently trading at 11282. A bearish AB=CD pattern has emerged on EOD chart of NIFTY index. Now this index is showing sign of reversal from 11390.55. Bullish attempt from low of 10419.80 to 11390.55 is equal to bullish move from low of 10105.40 to high 10929.20. Pattern has completed leg CD which is usually 100% extension of leg AB. Completion of leg CD marks a bearish reversal for this pattern. On price action front nifty has formed a spinning top near 100% extension of leg AB which increases the probability of this bearish reversal. Stability below 11400 will help bears to gain control and a primary attempt towards 11100-10930 zones will remain in focus. Further stability below 10900 will lead to further decline and any recovery above 11400 will invalidate our bearish expectations.