DislikedNow Once we find a low and a bounce off the Up Move Long fib, we can once again use the Retracement Fib to prject into the future and see where price is headed....T1 of the Retracement Fib. We see that once T1 of the Retracement Fib is reached the market begins to retracce again and its high was well off from reaching the Down Move Long Fib and actually comes back to the Down Move Pivot, but we have established a new High and we want to pull our Up Move fib up and raise our Support lines.Removing the Retracement Fib since it isnt needed just yet and it has served it purpose.
We will put it on the next retracement.
Now today weve had another big retracement very close to being another correction isnt it ....all thats in its way now is the Up Move Fib Short fib level, which it has tested once already.Ignored
- | Joined Oct 2007 | Status: Nomad | 1,144 Posts
"Support and Resistance either holds or it doesn't."
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