We are out of original up trend which started from 6826, once we close below 8550 we will be in structural down trend and we will form new down trend channel.
The Fibonacci levels are mentioned in the chart, closing below or above any Fibonacci level will open next level as target.
We have formed triangle on daily chart which is shown on the chart, on the braking of it we have target of 8214 on down side and 9110 on up side. Both levels are important Fibonacci or Structural levels.
In near Future watch the 8550 level carefully, holding or braking of this level is important from medium term trend.
Marked triangle working amazingly, lets wait for breakout.
Niftyadviser
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Hi, thanks for your time and effort.
I would like to draw the base of that triangle at 8500, since nifty has respected that level on closing basis a few days ago. Thus, close below 8500 on daily basis will trigger a new level of 8200 and 7800 amidst a lot of volatility (panic selling and buying in profit booking etc).
Further, the fib retracement is drawn up-side down in your chart, needs to be corrected.
Beautiful effort overall.
dhananjay.d.joshi
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Thanks for feedback, Fibonacci level is correct there is no problem with that, please check the chart once again and see which move i am considering as impulsive move. Going further there is a set practice of plotting Fibonacci levels form top and bottoms , i am not following the same . Doing experiment on that too.