Will the slide stop?

After so long time we are now experiencing a continuous bear attack. Instead of simply posting i give you two charts today. Just see it carefully.

In this chart i have indicated about 2 points. RSI and a gap zone. At present RSI is entirely oversold zone (almost around 15%). Second is the gap zone created on 24/08/09 (4528.8 to 4536.9). Today Nifty has almost respect this gap and closed at that point. Theory is this, unfilled gap always acts as supp/resi. So Nifty if opens above last day close, then traders can blindly initiate longs. (This theory violated if Nifty opens gap down below 4528 tomorrow).

Second chart:

As per Fibbo levels ( I have taken 5183 to 4752 for 0 to 100% retrace levels) Nifty yesterday touched 150% retrace mark. So any bounce can be taken as an opportunity to go long with a stop loss @ 161.8% retrace level which is at 4486.


But it is entirely a prediction only. Markets are superior than us. I have failed in predicting this fall from 4750 to 4536, so my kind request is make your own research before taking any positions.

The above given levels on this article are all spot levels of Nifty.