WITH ABOVE SAID CALCULATOR WE CAN PREDICT MAJOR SUPPORT, RESISTANCE AND RETRACTION LINES WITH IN ONE CHART. I HAVE GIVEN EXAMPLE OF ESCORT CHART AND PUBLISED IT. PL READ IT CAREFULLY AND FOLLOW THIS CHART .
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bold lines act as a major support and resistance of stock. fine lines are retraction lines. when resistance lines are broken down on closing bases. stock will go downward toward next support line in case of downtrend. In case of support lines are broken upward on closing bases, stock will go upward to the next resistance line in uptrend.
Retraction lines rule usually stock price retracts after touching major support/resistance lines. But in the case where stock does not retract after breaking one support /resistance lines than stock will retract after touching second support/resistance line upto retraction of first support/resistance line. as seen in escort when it broke 416 level and directly went to 545 level than retracted upto 639 level.
3 retraction lines-stock can take upto 3 retractions.
if in the case stock retract more than third line then we can assume trend reversal.
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ESCORT NOW WILL TOUCH TO 485 BECAUSE IT BROKE 545 LEVEL ON CLOSING BASIS.
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Some correction here pl consider 614 instead of 416. It was typo mistake.