At the time of writing this post, price has fallen below the 50% level of the August range, but is still contained within...we'll see how it closes the day and where price eventually ends up over the next days and weeks to come.
Thursday, September 22, 2011
Fibonacci Confluence Zones on Major Indices
Further to my last post, I would offer the Daily chartgrid below of the Dow 30, S&P 500, Nasdaq Composite, and Russell 2000. Overlayed on each chart are two Fibonacci fan line drawings and an external Fibonacci retracement drawing. The downtrending fan lines begin at the highs of 2007, the uptrending fan lines begin at the 2009 lows, and the external retracement begins at this year's August lows. The support level targets to which I referred yesterday are also shown...these levels are in the vicinity of intersecting Fibonacci confluence levels.
At the time of writing this post, price has fallen below the 50% level of the August range, but is still contained within...we'll see how it closes the day and where price eventually ends up over the next days and weeks to come.
At the time of writing this post, price has fallen below the 50% level of the August range, but is still contained within...we'll see how it closes the day and where price eventually ends up over the next days and weeks to come.