Unit of Technical Analysis

Short Back testing at 1.618 level and agsin moving up

Nifty: expected Backtesting of Trendline

17616 was 1.618 level

done

17600 it is

17508 is 50% of total range from All time High on 19th Oct to 20th Dec low

we go for a target of 17616 from here

Nifty Indicators til now

Nifty tentative for today

Nifty has made a low on 20th August (Which was GANN 120 days cycle completion and start of new cycle which can be 120/90 days) 1st Fibonacci on the list which is half seen on the Screen (only above level 1 to 1.618) Level 0: 16410.2 Day: 20th December'21 Level 1: 16936.4 Day: 21st December'21 With these 0 & 1 levels, Nifty has completed an extension of 1.618 level at 17261.6 on 29th December'21 This marks the 1st leg completion (tentatively unless it moves upto 2.618 in next 7 days) The 1st Leg completion at 1.618 gave us 850 points uptrend movement from the bottom. Now we can see a downtrend Leg with movement upto 50% retracement i.e. approx 400 points movement downwards, it can be less also but ideally it should come down and make a 50% (approx 400 points) retracement of the range (850 points) formed for further upward movement. Retracment Leg (400 points): (2nd Fibo on Screen with 1.272 extension ) The Retracment will again be in the form of a pattern similar to the 1st Fibonacci, It has given up a 1.272 retracement in downward direction on 29th December. Level 0: 17285.95 Day: 29th December'21 Level 1: 17197.4 Day: 29th December'21 With these 0 & 1 levels, Nifty has completed an extension of 1.272 level at 17176.65 on 29th December'21 (1.272 level was 17173.3) This setup 17285.95 to 17176.65 (109 points) can be termed as the 1st leg on the downtrend movement, we can expect a 50% retracement upto 17231.5 or 0.236 level upto 17260.15 and then start moving down further Uptrend should be considered only above the yesterday's high. Again target will be Level 1.272: 17147.8 Level 1.618: 17100 Again from these levels, we can see a pullback, which will decide further course of Nifty . Above Yesterday's high, the step will be Null & Void. Nifty may unfold with these extensions and retracment accordingly. Understand the cycles within the cycles, to guess the direction of Nifty . Plan your trade, Trade your plan

The weekly webinar link is uploaded

A short webinar today of around 30minutes to discuss about current market scenario. Please be on time as it will be for 30minutes only

Chetan Pathare is inviting you to a scheduled Zoom meeting. Topic: Chetan Pathare's Zoom Meeting Time: Dec 29, 2021 09:30 PM Mumbai, Kolkata, New Delhi Join Zoom Meeting https://us04web.zoom.us/j/8719104453?pwd=SlJzQ3hMK3dDRUxBZ3NHOGZ1bm0zZz09 Meeting ID: 871 910 4453 Passcode: 7654321  

Nifty reversal at 1.618 levels

range formed and a 1.272 reversal

another rising wedge it seems in Nifty

we reach the 1.618 level

Reliance Breakout on Daily & 60min chart, expect a good upmovement and some backtesting too...

We will be starting with our 1st batch from 1st January onwards, Thoe who are interested can join in the group.