nifty sharp fall in sharp downward channel done 50% fib

nifty moving down in sharp downward channel..
today done 50% fib near 16900
next fib 61.8% comes near 16600

Till its in falling channel.. bears power will continue...
sell on rise till its below 17190...

FII is selling heavily.. and till they turn into buyers... no hopes for sustained upmove
last rise of 18115 also came as FII did turn into buy just 2-3 days before the hdfc twins merger
event over and they started dumping again..

views are educational..