First of all, taking lessons from history, some similar sort of pattern/retracement took place. Here, I have tried to match the fibonacci pattern that was evolved in 2008 with present pattern. In 2008, reversal was shown right at 0.6%. So, in present pattern 0.6% shows 8186. This 0.6% retracement level is very much important for future course of action. This level will be extremely crucial and will indicate the strong bullish nature of nifty. Hope so my speculation will be bang on.
Comment:
It still looping in the mid of 0.5% and 0.6% retracement level. Next 2 to 3 days is important. It will justify whether 0.6% will be respected or not.
Comment:
Well well, no need to panic guys, market still above 50% retracement. Swing traders are having good fun.