· 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 in corrective up move (From 14th February) with targets (+/-10 points) of 5450**, 5500**, 5550**.
--- The up move will terminate below 5178.
(** means target achieved)
· All targets for short term up move achieved now.
· 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.
· Targets---are based on Fibonacci retrenchment levels between different swings.