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Yes, that is the suggestion. If you look at charts day after day using the
0.333, 0.5, 0.666 based on the day's changing high and low those lines have
an affinity for prices across markets, sp, nd, us. The 0.382 extensions are
based on the previous day's high and low. Note how the ES first tested the
0.382 extension as resitance, then as support. After the retest 2 hours
later the upside resumed.
bobr
----- Original Message -----
From: "ztrader" <ztrader@xxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Tuesday, April 16, 2002 2:28 PM
Subject: Re[4]: [RT] FIBO DISCUSSIONS GOING OFF-LIST
> On Tuesday, April 16, 2002, 7:13:07 AM, BobR wrote:
>
> B> For example, today the ES hit its H+0.382*yesterday's range and is
> B> looking at it as though it were resistance.
>
> It did not 'turn around', although there was a small pivot. How much
> of a small pivot, or pause, or ??? is enough to indicate that price is
> 'responding' to the fib?
>
> This is important in doing the analysis - if we require too large a
> 'confirmation' we will not necessarily see the effects the fib fans
> talk about.
>
> B> I put a vote on 0.333, 0.5, 0.666 and +,- 0.382 extensions as the
> B> most likely levels for prics to retrace to and to find S/R at.
>
> Ummm... it seems you are suggesting we look mostly at non-fib
> numbers. Are we missing something here?
>
> Thanks for the example.
>
> ztrader
>
>
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