BN–Gann Fan study

Gann Fan study from 3 tops 20908, 19229 and 18029.. Lets have a look at possible resistance and support lines….

 

Firstly lets look at Gann Fan lines from top of 20908.. The chart below is weekly chart and Wave count wise we are in (c) of ‘c’ of C.. Yes, the bottom can be anytime soon for the whole of the year 2016.. This is my optimistic view…

Weekly support lies at 1×1 line at 15716, which  is also a Gann support area.. I expect BN to bottom somewhere around 15700-15500 region..but if BN does not manage to close above 1×1 line, then the fall can be ferocious towards 13500-14000 region.  So next couple of weeks are very important.

 

bn20908

 

 

Now lets look at  Gann Fan lines on Daily chart from recent top of 18029… after reacting from near 2×1 line at 17498, BN dropped to 1×1 line towards 16188..but came back above 1×1 line and to test 2×1 line… again reacted from 17067 and is currently down to test 1×1 line, support for which is around 16000 levels.  Again here, if 1×1 line fails to provide support  and BN closes below it for more than 2-3 days, it may go down to test 1×2 and 1×4 lines around 15000 levels…

 

bn18029

 

 

 

Gann Fan lines from 19229 shows that BN was repeatedly resisted by 2×1 line on 3 occasions i.e. 18029, 17498 and 17067… So for reversal, it is imperative that 2×1 line be crossed decisively…. however support of 1×1 line lies much below… so this Gann fan is most scariest one for me with no visible support till 14000… 

 

Wave A : 19229-15762 = 3467

Wave B: 15762-18029=2267

so if A=C: 18029 to (18029-3467) =  approx 14500-14600 region

BN 19229

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