Short term Bullish on NIFTY. NIFTY retrace has been short of 50% Fib. S&P500 has retraced 61.2% - A typical retrace is between 50% or above. Expecting: 1. The retrace to complete 50% of the current fall. 2. Fill a higher gap from a previous retrace attempt. 3. Daily MACD remains positive.
@Ayush.aggrwl,
It retraced 50% and closed over it.
ayushkenhi
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You are taking wrong starting level of Fib. Downtrend didn’t start there.
The gap will not be filled as this is probably island reversal and filling of gap is a myth.
priceSeries
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@ayushkenhi,
FYI - It has gapped up over the existing gap. The gap will be filled on its way down.