20 years Fibonacci based analysis
NIFTYIn previous years nifty has expanded a lot very fast.
it can be seen in chart that nifty has increased by 145%(approx.) from March 2020 till October 2021, after which a down trend was observed on monthly chart.
By taking previous years in account, it can be concluded that Nifty showed a retracement every time. and it was about 50% on an average.
Currently Nifty is going through a retracement since November 2021 on monthly chart.
So how long will the retracement continues?
this is the only question arising in my mind.
will it give a minimum of 38% retracement? or more? or less? god knows.
comment your opinion below.
This study is not a trade recommendation, do your own study and research before getting into any trade.
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