MEDIUM TERM----- (As per weekly charts)
• Last swing high is at 5913. (Lower high)
• Last swing low is at 5693. (Higher low)
• Nifty is in down trend (From 3rd May) with targets (+/-30 points) of 5650**, 5600**, 5550**.
• The down trend will terminate above 5913.
SHORT TERM----- (As per daily charts)
• Last swing high is at 5518. (Lower high)
• Last swing low is at 5401. (Lower low)
• Nifty is in corrective down move (From 17th May) with targets (+/-10 points) of 5430**, 5400**, 5370**.
• The down move will terminate above 5518.
• Short term swing low (Lower low) formed at 5401. (As the closing was in green for the day on 19th May).
• Short term swing high (Lower high) formed at 5518. (As the closing was in red for the day on 23rd May).
• ** means target achieved.
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.
• All levels are as per Nifty spot only.
