Nifty has been clearly operating in a parallel channel for quite a while now with now it being close to the top end of this channel.
If one checks the Fib retracement for the recent swing high and low, then we can also see that it has retraced to 61.8% of its recent swing high and low.
Does it mean it is a short here? No. We have to wait for PA to develop as a bullish move above 17460 could lead it to filling the gap at 17580-17600. For a bearish move, it needs to break 17200 which is a strong support
If one checks the Fib retracement for the recent swing high and low, then we can also see that it has retraced to 61.8% of its recent swing high and low.
Does it mean it is a short here? No. We have to wait for PA to develop as a bullish move above 17460 could lead it to filling the gap at 17580-17600. For a bearish move, it needs to break 17200 which is a strong support