After the massive rise on Friday, the Nifty has turned positive on all Indicators.
Nifty closed above 11200 which is a major trend reversal level, 11218 - 11190 range can be considered as a first confirmation of weakness (maybe leveraged longs can be squared off once this level is taken off, on the down side.
Based on Fib levels 11117 can be the considered as...
NIFTY is trading in a range for past some days but is expected to show movement, Levels on the UPSIDE are
UPPER BREAKOUT is placed by 11080, followed by some profit booking at 11108, INTERIM RESISTANCE is placed at 1115011145 followed by FINAL Resistance at 11180, THE TREND CHANGE ZONE for NIFTY is placed above 11300,
Levels for the DOWNSIDE are
The 200 MA at 11130.
A "Consequence zone" of all 3 fib. retracement at 11502 nearby.
From the Fib. Retracement(i) and (ii), we detected 3rd Fib. Retracemet at 11200. (This is expected bottom OR revesal level).
Point 1) Look at Fib. Retracement (ii) at start point which is exact at 61.8% of Fib. Retracement.
Point 2) Now, loot at the Fib. Retracement (iii)...
Lets have a look at the analysis -->
1> EW analysis -->
Counting from low 1095 on 15th May 2019 till 1304.80 on 11th June 2019 as an impulse move, and from the same high till recent low at 1195.55 as an corrective ZZ move, we might be in either impulse move upside or B of the same corrective more or x of same corrective move. The most biased and preferred count...