· Last swing high is at 5440. (Lower high)
· Last swing low is at 5178. (Lower low)
· In the medium term,
--- Nifty is in down trend (From 11th January) with targets (+/-30 points) of 5700**, 5630**, 5550**.
--- The downtrend will terminate above 5556.
· In the short term,
--- Nifty is again in down trend (From 4th February) with targets (+/-10 points) of 5360**, 5330**, 5300.
--- The down trend will terminate above 5440.
(** means target achieved)
· Swing low of 5178 formed now as Nifty closed in green today. (5178 is lowest low of last two days)
· Swing low----- occurs when Nifty closes in green. (Lowest low of last two days will be Swing low.)
· Swing high----- occurs when Nifty closes in red. (Highest high of last two days will be Swing high.)
· Uptrend---forms when we have higher swing low and we trade above last swing high.
· Downtrend---forms when we have lower swing high and we trade below last swing low.
· Corrective up move---forms when in downtrend we trade above last swing high without making higher swing low.
· Corrective down move---forms when in uptrend we trade below last swing low without making lower swing high.