Thread: Fibonacci GONE WILD

FRACK!!!!

The 200% fib on the daily and hourly are at the same general area so that there could be a strong reversal at there should price make it down that far.

This is the way cable turned out on the hourly chart I posted.

This is an alternate PF drawing. Though this one is revealing response that is excellent, I'll keep my eye on both.

Only a pullback or the beginning of a bear run?

...

Upon further review, I noticed there was a better way in drawing the green and white pitchforks on the daily therefore I have to offer this public correction (grin). As you can see, the low on Friday's candle was created at the center pitchfork lineup (along with also the lows from earlier in the week were produced at the bottom pitchfork line) along with the high in the 76 percent fib level. I was suprised, since I'm sure others were, that price made it that far (1100 pip range for the week from te low on Sunday). I'm also seeing a bit more on this chart, but I'll hold back on that for now (grin a little more).

Additionally, the hourly chart I'd posted reveals how price returned within the pitchfork but never made it back into the center line.

Originally Posted by ;

This is something else to consider. Price closed right at the 261% fib level on the weekly chart. Reaching the 261% fib on a chart is important whenever there is a large time span. Based on what I see on the EUR/GBP daily and weekly, there is immenent action ahead for the euro, pound, and dollar. It is time

This is the way the EUR/GBP has traded up to the stage.

I decided to throw a few fibs on this hourly chart I posted previously.

I submitted these charts in the cable thread so I might also place them within my own.

They show how price is being capped by the 21ema on the weekly and a 200% fib level on the hourly.