Nifty, holding the golden retrace at 7772, gains in "unchartered territory"...

Nifty gaps up, does a 61.8% retrace & recovers to close at an all-time-high...

Nifty's relief rally reaches 61.8% again & falls on a/c of ST OB which aligned with week trend..

Nifty's ST weakness continues along with Sell on rises @ golden ratio(6291), reaching another golden ratio(6180) retrace of last rise.

Nifty, holding "5811" rallied, found selling pressure @ Golden Ratio-5862.

Nifty, holding above the critical 6044-55, does a golden retrace & stops @ DHEma+20(6128)

Nifty breaks out of the channel with a golden ratio trade.

Nifty, trending up, pauses @ channel top & 61.8%-golden ratio..

Nifty reacts from the "Golden ratio-5124" after making a "Five".

Nifty, resisted @ golden ratio, continues to close below momentum showing High emas.

Such weakness after a short term reversal could only be because of a 2nd wave correction(1st being the rise from 5155 to 5262 or 5280). If so, the correction should restrict itself to 5195-5215 zone and start its 3rd up wave tomorrow itself. Failure to do so would indicate the bearish golden trade of today's(61.8% of the 5-wave fall @ 5271+ coincided with an "abc-3 wave" rise from 5155 to 5280) to assert itself for more downsides.

Nifty retraces to find a support @ golden ratio.

"5338" resistance is known to most. Short term support @ 5310 was also seen on so many hours in the last two days. Fridays are known to have a sharp move in one direction, generally in the afternoon session. It was reminded during the day too. No one knows for sure the intensity of it.
"5310" broken and the quick fall had unnerved the unprepared.
We have updated in our "pre-market" itself in the "Fibo.table" with 5184 to 5342 today. The golden ratio @ 5244 offered the support and market bounced off it by 55 points. This one is for the "golden ratio traders".80% @ 5216 is the decider for bears.
We waited for the "Weekly trend" to reverse and it has done so. Daily trend missed it by 0.05 points. However, take heart that day has closed above "5288-5DSma".
Principles of Tech.Table emas have been discussed in detail on so many occasions. Take the latest signal and play it. Once Nifty closed below HHEma this morning, it was weakness till it manages to close above it. That was the new signal.

Now the latest to develop is weekly trend signal turning up but daily turning down.

Nifty's golden sell off turns down the Hour TA after persisting -ve div.

1. JustNifty TA(08th Dec)

Nifty, oversold in Hour TA, bounces off the golden ratio-4985.

1. JustNifty TA (17.11.11)

2. BankNifty TA (17.11.11)

Nifty breaks down from the channel support and closes below Low ema.

"Corrective mode/ Trading mode" is identified with loss of momentum with a close below High ema - you can also spot it after spotting a 3-wave move from 4728 to 5400.
It was suggested on 01.11.11 that a corrective scenario would unfold towards 5050-5100 in the coming days based on price observations and a short term top has been made. It was also advised to go in for "Writing options as Time decay would favour such a strategy."

Now what is left is for the trend indicator(lag one) to trigger. While it is in positive zone, the momentum may not be much. The 26ema which is part of the trend indicator is @ 5150(& rising) and so do Month pivot(5152).

1. JustNifty TA(11.11.11)

2. BankNifty TA(11.11.11)

Nifty does a golden (61.82%) sell off.

My critic, Shivaprasad, uses golden ratios extensively for his trades and whenever he does not get his levels, he doesn't make any trades. And market does give many such golden ratios.
Once you sense the loss of momentum using "Close below High Ema", the retracement sell @ 61.82% makes the trade more easy to manage. Similarly it could also be applied for buys too.
Both Nifty and BankNifty did such golden ratio retracements today & got sold off.
It is his style. W.Gann believes in 50% retracements more.

1. JustNifty TA(08th Nov)

Nifty sold @ Golden ratio(61.82%)

Nifty retraced to 4935(Golden ratio of the fall from 5182-4539). In life as well as in trading, nothing is that simple though golden ratio has high probabilities.
Nifty got resisted by many short term weekly averages in 4910-4920 zone as well as 20& 50 DMA.
It can trade 4785 to 4900+ before making up its mind.
Hourly has given a sell but Nifty can still attempt another high in the "overbought status". though this steep channel is broken, there is another channel support(Connecting the 4539 & 4610) @ 4785-4810.

"Bears" attempt to close below 4876 (Day High ema) was not successful today. For Bulls "5000"(Week High ema..rising) is the ultimate resistance.