Normally, Market move in a cycle and the cycle will end in Yearly Fibo Levels.
As per yearly level 5971.25 act as strong support and s/l is 6037.
When nifty moved higher and cutting this (from top) 5971.25 level on 7th February (daily candle) closed below this level first sign of nifty uptrend came to Halt. From that day onwards nifty only sell and buy. Again nifty has tested 8th March same level (5971.25) to convert everybody into Long before going into deep correction (that is the time everybody was talking 6300 + + +++).
Now yearly level "MAY" take support at 5235, let us hope.
If we understand the cycle
Daily -> Weekly -> Monthly -> Yearly -> Monthly ->Weekly ->Daily
Then taking trade is very easy without hitting our stoploss and run the position into good profit.
Let us see, ultimately market has to decide the cycle.
Nirahjan
As per yearly level 5971.25 act as strong support and s/l is 6037.
When nifty moved higher and cutting this (from top) 5971.25 level on 7th February (daily candle) closed below this level first sign of nifty uptrend came to Halt. From that day onwards nifty only sell and buy. Again nifty has tested 8th March same level (5971.25) to convert everybody into Long before going into deep correction (that is the time everybody was talking 6300 + + +++).
Now yearly level "MAY" take support at 5235, let us hope.
If we understand the cycle
Daily -> Weekly -> Monthly -> Yearly -> Monthly ->Weekly ->Daily
Then taking trade is very easy without hitting our stoploss and run the position into good profit.
Let us see, ultimately market has to decide the cycle.
Nirahjan
What's yearly fibo based on? Previous year H, L or H, C or L, C ?