it seems emerging shark pattern . it seems nifty may get support at 88.6% retracement of XA which coincides with 161.8 Fibonacci extension or 113% retracement of a XA which coincides with almost 261.8% Fibonacci extension. stochiastic oscillator has already dipped in to over sold position. some bounce is expected in the PRZ zone. At present in my opinion selling can be done. but in the PRZ zone selling should to be avoided. buying position in the PRZ zone should be initiated after confirmation of trend reversal for a target of at least 38.6% retracement CD. happy trading.
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slight correction, 113% of XA coincides with 200 percent fib extension.
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Nifty had support at 11617 and after going to 11614 nifty has bounced. short when 11614 is broken.