Nifty started correction ~ As per gann, it took resistance at gann fan 1/1 level and started to come towards 2/1 level, which interacts with fib level of 0.23% around 18000~18100 zones.
As per price action it formed a H&S pattern and as per H&S pattern, the target will be around 17800~17850 zones (a gap left at this area) which is 0.5% levels of fib & 3/1 levels of gann fan, from there expecting to bounce back to new highs, for that, first, it has to break 0.23% levels of fib (ie., 18000~18100 zones)
Lets see,
Happy trading.
As per price action it formed a H&S pattern and as per H&S pattern, the target will be around 17800~17850 zones (a gap left at this area) which is 0.5% levels of fib & 3/1 levels of gann fan, from there expecting to bounce back to new highs, for that, first, it has to break 0.23% levels of fib (ie., 18000~18100 zones)
Lets see,
Happy trading.
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Target - 2 done.
Pl keep watch nifty levels, if nifty pulls back from 0.5%level of fib (ie.,17800~17850 zones), we are still in bull market. If it breaks 0.5% level of fib, then, last hope is 17500 (0.618 level of fib).
Pl keep watch nifty levels, if nifty pulls back from 0.5%level of fib (ie.,17800~17850 zones), we are still in bull market. If it breaks 0.5% level of fib, then, last hope is 17500 (0.618 level of fib).
Target 1 - achieved.
If breaks 18k then gap filling may happen and takes support at 0.5%of fib, which is around 17820-17890