Nifty-EOD Chart(20-Jan-2011)
Fibonacci Retracement Levels(4532-5400)
13.0%-4544
23.6%-4736
27.0%-4766
38.2%-4863
50.0%-4966
61.8%-5068
70.7%-5145
76.4%-5195
78.6%-5214
88.6%-5301
Conclusions from EOD chart analysis
61.8% Retracement Level is at 5068 and it was tested on 07-12-2012 as well as new bottom at 4532 was formed after retracement from this level. Retesting of same level with double top formation at same level on 20-Jan-2011 and completion of 61.8% retracement also.
61.8% Retracement Level is always most crucial and telling to wait and watch for intraday moves beyond this level therefore will be firstly analysed in the coming couple of sessions for the confirmation of following next moves:
1- Again small to deeper correction, or
2- Continuation of previous week rally with required correction at higher levels.
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13.0%-4544
23.6%-4736
27.0%-4766
38.2%-4863
50.0%-4966
61.8%-5068
70.7%-5145
76.4%-5195
78.6%-5214
88.6%-5301
Conclusions from EOD chart analysis
61.8% Retracement Level is at 5068 and it was tested on 07-12-2012 as well as new bottom at 4532 was formed after retracement from this level. Retesting of same level with double top formation at same level on 20-Jan-2011 and completion of 61.8% retracement also.
61.8% Retracement Level is always most crucial and telling to wait and watch for intraday moves beyond this level therefore will be firstly analysed in the coming couple of sessions for the confirmation of following next moves:
1- Again small to deeper correction, or
2- Continuation of previous week rally with required correction at higher levels.