I was playing around with the SPY chart and threw a fibonacci retracement on the last intermediate high 996 (0 pct) to the last intermediate low 868 (100 pct) using a 60 min chart. When I blew it out to a daily the extensions made me blink.
The 261.8 pct fibonacci extension is sitting at approx 660.
So I just had to look at 666 to 868. Plotting 666 as 0 pct and 868 as 100pct , the 161.8 pct is equal to 989. Where can we go? Looking for that 261.8 extension from 666 to 868 , I found it at 1185.
Some other fun fibs.
Aug 11, 2008 - almost one yr ago the high was 1313. Plot to 1313 to 666 and the 50 pct is 989.
On the upside- 61.8 is 1065 and and 78.6 is 1173.
On the downside- 38.2 is 913 and 23.6 is 819.
My opinion?
Came pretty close with the triple number extravaganza. On the upside maybe we could see a 4 digi- 1111.
It wouldn't suprise me if we tapped back to the mentioned 38.2 (913) that would be a significant higher low from 868 as well as incredible support and then the blast to 1111.
I don't think a break of 950 or 930 would change the symmetry of the chart, rather it would reflect approx Oct. 15 , 2008 to Nov. 15, 2008 all that pinball action before we went down. Now that would be symmetry.
No comments:
Post a Comment