Nifty Correction is likely to take place till 12400
As you could see Green area in chart we had a bad crush in 2008-2009. After the fall Technically we saw a bull rally of 1.6 times of the fall and market made high of 9180 before having corrective move till previous high of 6200 which is also 38.2% of the bull rally which is drawn as white dotted line in Green area.
Similarly, This time also as we can see the white area, Market had fall from 12400 to 7500 and the bull rally also continued till 1.6 times similarly like 2008-2009 and reach to 15400. Similarly , this time also we will see a 38.2% correction of current bull rally before it moves further.
The 38.2% of the current bull market also comes at previous high around 12400 and this is not a coincident but a well known Retracement Theory in Technical. Hence,that we will trade lower till 12400 before entering new bull run.
Similarly, This time also as we can see the white area, Market had fall from 12400 to 7500 and the bull rally also continued till 1.6 times similarly like 2008-2009 and reach to 15400. Similarly , this time also we will see a 38.2% correction of current bull rally before it moves further.
The 38.2% of the current bull market also comes at previous high around 12400 and this is not a coincident but a well known Retracement Theory in Technical. Hence,that we will trade lower till 12400 before entering new bull run.
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