The fibonacci retrace of 0.236 is too small to often work on.......either on the upside or on the downside. But the beauty of this is that be it intraday or be it on an end of day basis ........... it works pretty well. In the sense that once you are able to judge the top or the bottom PERFECTLY, there is virtually no stopping you to reach that target. See today intraday nifty chart or as a matter of fact watch almost any chart on any time frame. You are bound to get a very high accuracy. Now the point is so why do we not trade it. The answer is that we are at times not able to tell whether a top or a bottom has been made and by the time we realize, this target is already there. Do try this strategy on swing trading and get good results rather than intra day ...... All the best !
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