TREND WATCH------
· Last swing high is at 5599. (Higher high)
· Last swing low is at 5413. (Higher low)
· In the medium term,
--- Nifty is in corrective up move (From 18th February) with targets (+/-30 points) of 5600**, 5680, 5790.
--- The up move will terminate below 5178.
· 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 5413.
(** means target achieved)
IMP. NOTES----
· Swing low of 5413 formed now as Nifty closed in green today.
Sp. Notes---
· 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 retranchment levels between different swings.
