Me too learning TA for somedays now ,i think we need to plot fibonacci retracement for downtrend now , we are in corrective phase after after January 2018 all time record high, we have a sharp correction, nifty main trend is down , so i think we need to plot Fibo retracement , from Jan 2018 record high to 9953 low and then see retracement for SELL not BUY.
theshamik
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Just keen to know why only 382 why not 50% retracement?
salilramani
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@theshamik, 38.2% retracement has a strong support/resistance hence target 1 should be that. Even I'm learning so I could be wrong.