Fibonacci Traders - Is this the Top?
- Thread starter condorll
- Start date
You wrote in the your original post:
"Has anyone noticed the Fibonacci retracement levels are perfectly positioned now for a correction?"
You have drawn the potential support level fibs IF we are at a top right now, and IF the market corrects. In your original post, I think it might be misleading. I read it as there was a confluence of fibs at the top that are signaling a correction or down move, which I show in my attached gif file in the third post of this thread.
"Has anyone noticed the Fibonacci retracement levels are perfectly positioned now for a correction?"
You have drawn the potential support level fibs IF we are at a top right now, and IF the market corrects. In your original post, I think it might be misleading. I read it as there was a confluence of fibs at the top that are signaling a correction or down move, which I show in my attached gif file in the third post of this thread.
Also, if you were to do a EW analysis, the down move (bear market) unfolds in a impulse 5 wave, and the current up move might be the start of the bear market correction that unfolds in a ABC pattern. If we were at a top last week, you would have the expectation that price would come down to a .618 retracement of the last up swing. However, I have always felt that EW analysis was highly subjective.
