Nifty- Magical Setup of 88

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There is a magical setup of 88- why it is called 88- because it retraced prior moves 2 times to 61.8% back 2 back- so whenever you have that kind of setup -likely we see explosive move post second retracement of 61.8%- which was evident here as well.

In current case- a move from 8807 to 8733 was retraced to 8781 which was 61.8% & later move from 8781 to 8684 was retraced to 8746 which was again 61.8% & completes the magical setup- it never occurs frequently but when it occurs - be ready to fill your piggy banks.

Regards,
Abhishek H. Singh, CMT