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Tullman, Mitch wrote:
>
> JamesinLA wrote: Mitch,
> > I just started using fibonacci retracements as filters and as an
> > indicator.
> > I've set up three support areas: 33%, 50%, and .618. Are those the
> > correct
> > numbers? Thanks.
> > Jim
>
> Yes ...those are correct. You can also use .79. If price breaks .79
> retrace...get out.
>
> Also If price fails to make even the .382 retrace...this tells you trend
> is super strong....get on board in direction
> of trend
>
> good luck, Mitch
Not to obscure the issue, but at the low of last week. there were
several .786 retracements.
Either in the SPX or Futures. They are that close, and then reversal...
So going > .79 is probably a good rule of thumb. .786 is square root of
.618.
Don
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