In my previous analysis about nifty, i have a perspective of bearish market for weeks and month but now, this week is really important because the price has touched that level several times, resisting, going down, again taking control on naked unnaked zones, and in the end not giving up breaking above.
Thus, this week is really important. I prefer waiting for...
You can see how the price actually respected the fib's,
Anyway, whenever you see price coming towards the ratio, do not enter blindly, wait for appropriate candlestick formation.
The price was giving higher highs with bearish momentum.
finally the price was a doji to indicated the downfall.
the other day broke the initital lower support and closed below it
the next day, the low of the above mentioned candle opened our trade and a sweet fall towards downside is observed.
