fib confluence on Nortel

B

bufferman

Hey,

I am considerably new at this and to be honest this is the first confluence that I did myself. What do you guys think of it.
I will, of course, look for candlestick reversal pattern at that point.

But any suggestions whether the analysis was done correctly or not. The confluence is at the 7.16-7.19 price range btw.

thanks,
Paul
 

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i think this is cake because there's also like 3 runaway gaps that need to be filled. the only question is whther its gonna get to your cherry shorting area before retracing.
 
Hi Bufferman,
I can see one possible extension fib at $7.17 but that's about it. Where did you get your fib confluence numbers? Nortel is hitting its 2 year high now so it can't be based on a bounce off of lows. Please give specifics on how you arrived at confluence in this area. Thanks.
 
Quote from mojo59:

Hi Bufferman,
I can see one possible extension fib at $7.17 but that's about it. Where did you get your fib confluence numbers? Nortel is hitting its 2 year high now so it can't be based on a bounce off of lows. Please give specifics on how you arrived at confluence in this area. Thanks.
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I just measured the extensions from the range that it was in.
There were 4 extensions that came together:
3.5
4.786
4.236
5.236

Which lows are you talking about when you say it can't be based on bounce off of lows?
 
Quote from bufferman:Hi Bufferman,
I only use the .618, 1.000 and 1.618 extension points.

I just measured the extensions from the range that it was in.
There were 4 extensions that came together:
3.5
4.786
4.236
5.236

Which lows are you talking about when you say it can't be based on bounce off of lows?
More...
 
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