Nifty 50 upcoming expiry OTM options writing play.so Nifty succesfully has formed two harmonics pattern.
1. 5-0 pattern which typically pesents a bullish view.
2. Cypher pattern which presents a bearish view in a short term.
according to this, one must have to close their CE writing positions at 22180 or 22105.15 and start writing the PE options of 22150 strike or whichever they are comfortable in it. whoever had left their chance in writing it.
if someone is comfortable in futures, than with a tight hedge one can go long at these points.
our stoploss should be below recent low of 21964.60
target 22582 or nearby it.
