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