Our charts have grown fairly "busy" lately, what with harmonic
patterns, chart patterns, fan lines, channels, etc. I find it helpful
every now and then to take a step back and examine those elements that
have had the biggest impact in recent years -- and are likely to
continue doing so.
In my opinion, the two patterns that have influenced prices more than any other are Fibonacci levels (primarily related to the 1576-666 decline) and fan lines. They've played an important role in my most accurate forecasts this past year.
Note how strongly prices reacted to each of the Fib lines off the Mar 09 lows. Every Fib level played an important role in providing support and/or resistance at pivotal points. The .236 didn't slow the advance much, but it provided much needed support after a 9% decline. A tag of the .618 touched off a 17% correction (caught by the .382) and set the stage for the Gartley pattern completion at the .786 a year later.
In my opinion, the two patterns that have influenced prices more than any other are Fibonacci levels (primarily related to the 1576-666 decline) and fan lines. They've played an important role in my most accurate forecasts this past year.
Note how strongly prices reacted to each of the Fib lines off the Mar 09 lows. Every Fib level played an important role in providing support and/or resistance at pivotal points. The .236 didn't slow the advance much, but it provided much needed support after a 9% decline. A tag of the .618 touched off a 17% correction (caught by the .382) and set the stage for the Gartley pattern completion at the .786 a year later.
...continued on pebblewriter.com...
No comments:
Post a Comment