Gann Square of 9 – Trade Using Gann Price Action and Elliott Wave!Sep 04, 2023
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
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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