It's amazing how one right observation can provide right levels even in Intraday and can keep doing that. Yesterday posted range of 236 worked for last pullback and this time also looks like to be achieved. More than that, even the smaller Fibonacci ratio applied on 236 also worked almost perfectly in intraday. From the quantitative perspective .786 of 236 from 4786 was @ 4971, which was exactly the intraday high in morning for almost 2 long hours before breaking it up and reaching 5004. .5 of 236 was @ 4904, where nifty posted @ low of 4900 for the day. So we can not ignore this was of analyzing, and will try to dig more about this fascinating observation from now on. Entire projection of 236 points from placed @ 5022, which was shown on yesterday's chart.
Now some further calculation, if and when 5022/25 is taken out as per quantitative analysis.
236* 1.27=300
4786+300=5086; &
236*1.618=381
4786+381=5167......... Now check out chart given below and the chart posted on 24th of may.
Now check chart posted on 24th..
Bottom of 1st (as per my count).. Fibo RT.. 1.618 of 236 is all converging @ 5165 zone. Above 5025 it may well be the target along with 5060 and 5086/90. Day's initial support lies @ 4970, Below that it can find support near 4940/30 to move up again. This uptrend is intact upto 4872-4840/35. Short term is up. Manage trade according to that.
properly analysed. trend line and fibo. normally works well in all time situation. it is purely quantitative analysis. i wish u to do more research like mr.Ilango and his blog mates does. Ofcourse your research helps us well.
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greetings.
I really liked this 236 connection, satyam. You're onto something there ... I would have expected each level of the fall to be a ratio, not an exact number. Is the next fall going to be to 4692 and then 4456?
ReplyDeleteDo follow-up on your ideas which are original and unique in technical blogs.