Nifty : Observations over Three years

A three years view of the NSE Nifty weekly chart with Fibonacci projections are shown. From a low of 2965 in  03 April 2009 , Nifty peaked at 6335 in 05 Nov 2010 commensurate with 61.8 projection. Clouded areas show the significant times the Nifty were hovering most of the past three years. Note the 50% retracement level 4651.           
Recent low of 4531 in 23 Dec 2011 is slightly over    the 4254 line (61.8 retracement level) ; it look like to be not re-visited soon.

Reliance Industries : Buying Opportunity ?

"Reliance has tested the 2 year resistance or fence where it escaped and has started to fall back."

Presently, it is getting support around lower Bollinger band. Is it time to start accumulation around 705-720 band? Reliance has an intrinsic value of around 685 and buoncy in crude oil augurs well . 

According to EWIndia blogger :"If this is in C wave as marked, we should be at 465 sooner or later!" http://www.elliotwaveindia.com/2011/11/reliance-bear-setup.html