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> Look at the confluence on 39 minute chart of the 62% retracement of the
> decline and the 100% ABC expansion of the first rally off the low all
coming
> together at 1216+-. This was a good place to take profits and look for
> possible entry on retracement.
I had not plotted the retracement levels on this decline as I did not see it
as a long enough period of time. Now though I see that +- 16 is on the
money.
Still fascinated how some of these levels are so consistent. Seems to me
that it would have to be related to the fact that there are a large number
of traders looking at these levels and then they become self-fulfilling
prophecies. What other reason could there be?
Randall
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