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Tuesday, March 1, 2011
Nifty Fibo resistance
After the Nifty fell around 150 points in 15 minutes , today it went up 190 points . Talk about volatilty.
I thought we had already done the 4th wave and were in the 5th . But NOOOOOOO. It seems we havent completed the 4th . This is the difficulty with corrective waves. But one thing is for sure . It has hit MASSIVE resistance line . That fibonacci 61.8% line has been a strong resistance for a while now. So i dont feel like going long at this point . Theres no reason why it may not be broken , and the Nifty might go on to trade that parallel channel shown by the red lines. But I think its better to watch at the moment.Or you might trade with tight stop losses.