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I suspect that the ratio of Walt's ducks' bill is a Fibonacci ratio to
its webbed feet.
In all seriousness, Walt makes a good point. Though as an Elliottician,
I use Fibo ratios in my analysis, this is only part of the work.
Virtually every ratio in creation gets hit exactly on the nose some of
the time. The Fibs and the Ganns maybe more often because that is what
the markets know about and where stops are often set, but one could
probably come up with good arguments on any of a number of retrace
levels. This is an art and not a science, and to trade just based on a
retrace fraction, without a related pattern to support your view that
the market is supposed to hold that relationship, is asking for trouble.
Steve Poser
--
Steven W. Poser, President
Poser Global Market Strategies Inc.
http://www.poserglobal.com
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