Why 18380 is historically critical for NIFTY50
Look at all other instances of trending up-runs. During a 'pullback' what constitutes a 'pullback' and what is a 'change in trend'?
It's 0.236 of Fibonacci - you fall below it, you are bound to touch 0.5 at least, so any close below 18380 gives you 17800 as a target to start acquiring. No need to short if you are not confident, but you can book minor profits as your prepare for tax season.
Keep levels simple - keep one level 18380, dont complicate when not necessary!
Cheers
Homework - Draw Fibonacci for all NIFTY runs from 2017-2022, and see what happens when weekly closes below 0.236. How many times it goes to 0.5?
A. More than 70%
B. More than 80%
C. More than 90%
D. 100% of the times
It's 0.236 of Fibonacci - you fall below it, you are bound to touch 0.5 at least, so any close below 18380 gives you 17800 as a target to start acquiring. No need to short if you are not confident, but you can book minor profits as your prepare for tax season.
Keep levels simple - keep one level 18380, dont complicate when not necessary!
Cheers
Homework - Draw Fibonacci for all NIFTY runs from 2017-2022, and see what happens when weekly closes below 0.236. How many times it goes to 0.5?
A. More than 70%
B. More than 80%
C. More than 90%
D. 100% of the times
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