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Fib. Retracement and Channel, detected bottom of NIFTY 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) closely from start point to 32.8% " the first leg " and pull back was toward the exact 61.8%. Drawing of Fib. Retracement is important, therefore Point 1) and 2) is proof of true drawing.
NSE:NIFTYLong
by Trade-Technique
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