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Another fib chart in emini, this is 5 minute.
a) major rally stopped 2 ticks short of the 68% retracement back to the
1156.25
pivot high.
b) W.C stopped 2 ticks short of the 100% expansion where W.C = W.A. This
would be a minimal price correction.
c) left vertical cyan line is the 38% time retracement of the rally from the
1102.50 secondary low, right cyan line is 38% time retracement of the rally
from the 1100 primary low. I do not consider a correction complete until a
minimum 38% time retracement has been met.
d) heavy green lines at 1122.25 and 1121.25 are the 38% retracement levels
measured from the primary and secondary lows ... I generally look for a 38%
retracement level to be reached following a major price move.
e) also shown is a retracement tool to measure the rally from the last low
and so far, the 62% + 1 tick has contained the rally.
Should retracement time, retracement price, and correction expansions come
together in confluence, I would consider a long position with tight stop to
have a very high probability of profit. As the chart evolves, I may see
other opportunities should the "ideal" not show up.
Now, if some of the programming genius' here want to program this stuff, be
my guest. At one time I was a programming maven, did a lot of work on this
stuff, and never succeeded in getting close to the kind of eye and hand work
I can do very quickly on a manual basis.
Earl
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