I have been noticing one thing in the charts. Since the ichart provides only 20 days history of the 30 minutes chart, I am not able to verify my claims. Refer the snapshot below:
Everytime the bottom GFZ is touched and nifty bounces back and reaches the 15 EMA and continues its journey ahead to close above 15 ema without whipsaws or cluster, it proceeds to the upper GFZ with accuracy.
Reference the chart, look at the trades
- between 27th February and 29th February
But if there is a cluster near the GFZ or if there is a whipsaw near the 15 EMA (a big one), following which nifty still proceeds to the top, it is a sign for nifty to have a big fall till the GFZ is hit again.
Reference the chart, look at the trades
- between 23rd February and 24th February
- between 1st March and 2nd March
- between 7th March and you know what I mean to say
Can you check if this can be one more point in the GFZ theory? As of today, the SAR stands at 5288 as pointed out by some fellow 315 followers, so will this mean that nifty will turn around from below this value and head ahead for the GFZ currently at 5166 before there is a meaningful turnaround simlar to what we saw on 27th February? Again this can be verified from the fact that the SAR was not violated in any of the dates during the cluster or whipsaws!
This is just a small analysis, and it need not be right!