BANK NIFTY Comprehensive Analysis Jan 2021Hi
we have analyzed this INDEX and there 2 upcoming scenarios which are based on Price Action and Fibonacci projections.
both the analysis are having Time forecast as we have analyzed the Target zones by the Fibonacci Time Base tool which is giving us the at most time span to achieve the forecasted TPs
the two scenarios are as follow...
1. Long.
as we can see the price as touched the 161.8% level (Extension Point), of the Fibonacci projection, and it is the sign of trend continuation or rally extension so we can target the 261.8% of the same projection (40000Rs), which is specified by TP line.
2.Short.
as we know this instrument has reached its past ATH, and can be counted as over bought now so we can expect some retracement and correction in the price trend
we can target some of its past Resistance areas which can now be counted as its presents support zones and our ultimate scenarios TPs.
there 3 main zones which are having confluences with the Fibonacci retracement of same bullish wave,
we have not drown the Fibonacci levels as they make the chart a bit befuddling.
please comment your opinions about both the scenarios
