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.
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