UPDATE 1 :---I am kicking myself in the back for not spotting this one before. Watch the 2 charts . One from 2010 . After a similar rise to the one we had right before the fall, Nifty had a steep fall and hit the bollinger band( 20 period)
Now see this current path of Nifty . Now we are seeing a strong bounce right now. It doesnt mean analog behave exactly but the Pivot points should match . And that means todays bounce is just a 4th wave kind of a bounce and we are going down to touch the lower bollinger band in NIFTY FUTURES over the next couple of sessions.
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Though the dollar moved lower as forecasted by the analog in below post, Nifty did not see a corresponding upmove. This shows that although Dollar and Nifty are inversely correlated , they dont always move opposite tick by tick. Each market has its own mind.
So Nifty starts correcting when it was at 61.8% retracement of last years fall, Defty was at 50% , and Bank nifty also at 61.8% .
Now the correction has been a bit too fast . We might keep on placing those fibonacci retracement levels, but most likely Nifty will find support on that lower bolinger band . The below chart is of Nifty futures, the lower bollinger band level comes at 5193 right now . We should reach there most probably tomorrow. So I am expecting another steep fall tomorrow. 5193 in Nifty Futures translates to 5150 in Nifty . Lets see what happens tomorrow.
Now see this current path of Nifty . Now we are seeing a strong bounce right now. It doesnt mean analog behave exactly but the Pivot points should match . And that means todays bounce is just a 4th wave kind of a bounce and we are going down to touch the lower bollinger band in NIFTY FUTURES over the next couple of sessions.
Though the dollar moved lower as forecasted by the analog in below post, Nifty did not see a corresponding upmove. This shows that although Dollar and Nifty are inversely correlated , they dont always move opposite tick by tick. Each market has its own mind.
So Nifty starts correcting when it was at 61.8% retracement of last years fall, Defty was at 50% , and Bank nifty also at 61.8% .
Now the correction has been a bit too fast . We might keep on placing those fibonacci retracement levels, but most likely Nifty will find support on that lower bolinger band . The below chart is of Nifty futures, the lower bollinger band level comes at 5193 right now . We should reach there most probably tomorrow. So I am expecting another steep fall tomorrow. 5193 in Nifty Futures translates to 5150 in Nifty . Lets see what happens tomorrow.
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