NIFTY & Fibonacci Arcs

A fibonacci arcs starting at point 5629 & extended up 4531 was imposed in the Nifty charts since July 2011. Notice that point 1 of the wolfe wave is situated on arcs 38.2%. Point 3 appears to be on imaginary arcs 50%. Line projected from point 4531 has lent supports lately.Target level for the ww bull is situated at/near the high of July 2011

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Gann Square based on Nifty =5053
Supports 5184 5148.06 5112.25 5076.56
Resistances 5220.06 5256.25 5292.56 5329

NSE Nifty : Gann Square with 4531

To generate the GANN square, one needs a reference point. We take this to be  4531 (a recent low) for Nifty Index as on 20th December  2011 and proceed as follows:-

Step 1: Take SQRT(Input) = SQRT(4531) = 67.3127                 

Step 2: Now we get N= Integer {SQRT(Input) - 1} = 66 & square of N =4356  being placed in center of (21X21) grid.

Step 3: Next increase the N by 0.125 (45 degrees) ( 1/8th of 360 degree) & get square of it . Place this in left block adjacent to center block where u placed 4356.

Step 4: Increase the value of N further by 0.125 & square it , and keep repeating ; Place the squared up value one after another in a spiral fashion clockwise , filling up block until one level of square is completed. These process of generating square of (N plus n*.0125), where n= integers 1 to n may be continued as required.

Let us find out how these fits with the following charts. Horizontal lines commensurate with these numbers were placed for convenience.

Resistances were 5220, 5238,  5256, 5274 etc

Supports were 5202, 5194, 5166, 5148 etc