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I have again planned Fibonacci Arc on NIFTY after its recent uptrend.

Fibonacii Arc on NIFTY

Fibonacci Arc on NIFTY (Click for view the larger image)

Please note that I am still trying to understand the full significance behind the Fibonacci tools. So, perhaps the interpretation of the present plotting of Fibonacci Arc may not be correct.

I have taken the high point of 02-05-2008 and low of 16-07-2008 as the lowest point , drawing from up to down. (Drawing trendline from down to up draws the arc differently).

I have also plotted Fibonacci Retracement on the same period. NIFTY uptrend had major resistance at the level of around 4545 (50% line) and today (28-07-2008) market is in uptrend but facing resistance above 4352 (38% line).

Looking to the Fibonacci Arc, NIFTY is finding support at the last line (100% line) remaining above it. Please note this discussion is purly for acedemic discussion, do not rely upon it. Any suggestio, discussion is appreciated.