For the Fall from 5944.45 to 5401.25, the Fibonacci Retracement are as below
23.6% -> 5530
38.2% -> 5609
50.0% -> 5672.
Nifty spot has to break out 23.6% at 5530 to move up to 5609. After falling below 50% Fib 5672, Nifty only once went near 38.2% Fib 5609, when Stoch(35,3) was in bearish mode. Now Stoch(35,3) in crossover from below, there is a possibility to move past 5530 and 5672.
Failing to breakout of 23.6% 5530, Nifty have all the chance to revisit 5420, and continue below.
Moving above the Yellow Trend line will favor Bulls. NS need to cross 5510(38% Fib Ratio on the Range given for 23/05/11) comfortably and stay above it, then 5548(100% Fib Ratio of the Range given for 23/05/11), which also coincide with the Lines of the Chart.
Day Stochastic is Turning up and MACD is also in the verge of Bullish Cross.
Daily 10 EMA at 5498.72 and Price closed very near to it and Price closed above Hourly 10 EMA 5471.18.
All Fingers pointing toward upside, but always market and Big Fish operators smart, so they always guide the trend and reverse the trade entirely down. Let's wait and Watch.
