NIFTY PHARMA INDEX : EILLOT WAVE + FIBO RETRACEMENT / PROJECTION
NIFTY PHARMA index shows very interesting FIBO retracement and FIBo projection confluence.
The FIB retracement is drawn from 11542 to 16385 shows levels of 15242 - 14535 , while the projection from 11542 to 12688 and placed at 12040 shows projection of 13236 - 14550 - 15994.
The FIBo level for both meet near 14550 indicates strong support area.
The Eillot wave count is as shown in the chart indicates completion of implusive waves. The candle stick patterns also indicate weakness.
So long a new peak is not formed with break of 16385 , we may observe this weakness in coming days.
The FIB retracement is drawn from 11542 to 16385 shows levels of 15242 - 14535 , while the projection from 11542 to 12688 and placed at 12040 shows projection of 13236 - 14550 - 15994.
The FIBo level for both meet near 14550 indicates strong support area.
The Eillot wave count is as shown in the chart indicates completion of implusive waves. The candle stick patterns also indicate weakness.
So long a new peak is not formed with break of 16385 , we may observe this weakness in coming days.