So the question remains-- how much the retracement would do???
While Weekly Pivot of 5854 got breached,Monthly Pivot at 5806 awaits--
Other Fib points are:
50% retracement=5818
61.8%=5780
While drawing AP tool, choice of Pivot is quite important:
As the following chart illustrates, choosing pivot at 5848 gives a median around 5780 but choosing pivot at 5971 gives a median at sub-5750:
.png)
Channels:
Hour Chart:
.png)
.png)
While Weekly Pivot of 5854 got breached,Monthly Pivot at 5806 awaits--
Other Fib points are:
50% retracement=5818
61.8%=5780
While drawing AP tool, choice of Pivot is quite important:
As the following chart illustrates, choosing pivot at 5848 gives a median around 5780 but choosing pivot at 5971 gives a median at sub-5750:
.png)
Hour Chart:
.png)
5 Minutes:
.png)
I would be watching 5806 and 5780 and if I notice positive divergence in Hour charts around these levels, I would go long .
One of my friends asked that Nifty reverses at times without showing divergence-- usually those are the times when a TAIL gets formed( pl see https://plus.google.com/u/0/b/111640781360072748921/111640781360072748921/).
And at other times we see a tiring Nifty opening with a gap the next day morning in reverse direction----
One has to observe charts over a period of time to develop this insight. Merely taking tips and positions on numbers mentioned by someone else has to be avoided at all costs----
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