Nifty has reversed, decisively.
Nifty has reversed after taking support at Fibonacci retraction level @ 61%. the current up move started at 15755 on 29th july 2021. since then it made a high of 18604 on 19 October and started reversal. it came down to make a low of 16782 on 29 November 2021, which triggered FIB 61.6% level of 16889 and reverted. nifty again touched this level of FIB 61.6% on 6 december and reverted in a tennis ball action type reversal. not only this it made a perfect W on this level, in a text book 2B pattern. more important the index closed above the mid point of W on friday completing the 2B Reversal. Now next target is 17750-800, within next three sessions. if it successfully trades above this level the reversal will scale higher levels in coming day. this analysis is for positional trading. closing below 17360 will be treated as whipsaw..........
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