· Last swing high is at 5526. (Lower high)
· Last swing low is at 5238. (Lower 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 down trend (From 24th February) with targets (+/-10 points) of 5380**, 5340**, 5300**.
--- The down trend will terminate above 5526.
(** means target achieved)
· Swing low 5238 formed now as Nifty closed in green today.
· 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.