Fibonacci levels for the week ending 14 august 09

The up wave from 13 july low of 3919 till 4th aug high of 4731 covered a total distance of 812 points. So various fibonacci levels nifty can retrace down are 38.2% till 4420, 50% till 4319 and 61.8% to as low as 4229 levels. Suppose the rain gods become sympathetic towards the bulls & further fall from fridays lows of 4464 does not take place from this 33% downward retracement, then taking 4731 highs & 4464 lows a fall of 267 points, nifty can retrace upwards firstly by 38.2% to 4566,then 50% till 4598 and finally 61.8% till 4629 levels. In any case even a decisive close above 4600 levels may signal that bull move has resumed.