Nifty-Monthly Chart(03-Feb-2012):-
1- Correction begun from 6338 on 05-11-2010
2- 13 Months correction
3- Lowest of 13 months correction at 5431.15 on 20-12-2011
4- 803 Nifty Points Strong Rally begun from 13th Month
Financial markets have a high probability tendency of reversing on a Fibonacci number. As Stong and sharp rally seen from 20-12-2011 in the 13th month and 13 is a Fibonacci number also therefore following possibilities are high:-
1- Lowest of 13 months correction at 5431.15.
2- Correction completion in the 13th month.
3- Trend reversal of 13 months down trend.
Importance of 13 months Fibonacci number is not being told today after watching strong rally but we told about it many times in previous Outlooks as well its importance was updated in following seperate topic on 03-12-2011 also.
Just Click following topic link and understand Indian markets rally in 2012:-
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| Just click on chart for its enlarged view |
Technical Patterns and Formations in EOD charts
1- Correction begun from 6338 on 05-11-2010
2- 13 Months correction
3- Lowest of 13 months correction at 5431.15 on 20-12-2011
4- 803 Nifty Points Strong Rally begun from 13th Month
Conclusions from monthly chart analysis
Financial markets have a high probability tendency of reversing on a Fibonacci number. As Stong and sharp rally seen from 20-12-2011 in the 13th month and 13 is a Fibonacci number also therefore following possibilities are high:-
1- Lowest of 13 months correction at 5431.15.
2- Correction completion in the 13th month.
3- Trend reversal of 13 months down trend.
Importance of 13 months Fibonacci number is not being told today after watching strong rally but we told about it many times in previous Outlooks as well its importance was updated in following seperate topic on 03-12-2011 also.
Just Click following topic link and understand Indian markets rally in 2012:-