EOD 29/03/2016 NIFTY INTRA DAY LOW OF 7583 MATCHES EXACTLY WITH FIBBO EXTENSION I HAVE USED FROM NIFTY BUDGET DAY LOW OF 6826 TO 7583 ON 14/03/2016.
ALSO SEE THE THE RED TREND LINE I HAVE DRAWN JOINING 6826 & 7405. NIFTY ON 28/3/2016 BROKE THIS TREND LINE. TODAY ALSO FAILED TO BOUNCE BACK ABOVE THIS TREND LINE.
TREND LINE & CHANNELING CAN HELP TRADING SETUP. APART FROM WHATEVER TECHNICAL ANALYSIS WE FOLLOW.
DUE TO RESTRICTION BECAUSE OF DAILY CHART I AM NOT ABLE TO SHOW OTHER TREND LINES & CHANNELING.
EOD 01/04/2016 NIFTY As expected in our earlier report nifty opened gap down & during a volatile session nifty made a intraday low of 7667 & high of 7339. In all it was a good session for trading. I have marked cycles on the chart. After making low of 7667 nifty retraced exactly 50% fibbo level of whole fall fro 7777 to 7667. Conclusion: Most probably positional shorts will work on Monday. If the retracement of nifty is not complete at 50% level then nifty 1st it will retrace to 62% to 78.6% level which are 7735 to 7759. Then selling pressure may come. Stop loss for positional shorts is nothing but 7777 nifty recent high.
Yes you are correct. I tried to enlarge the image. So instead now I have added PDF links to download chart in PDF format. You can download it & then chart will be clear to you.