Well back on October 11th when the market stalled with an outside bar, the formation, at the time would be considered a Haggerty 123. So it dropped, then it rallied, but where could it stall again was the burning question????
A fibonacci level at .618 which is the first circle, the market held that area for 4 long range bound days before giving it up. The next question on everyones mind was where can it go from there. Well of course, the first place is a .786 of the rally swing and then a double bottom, but for us fib guys....we were all looking for a 1.272 extension and praying for it to get down there to even a 1.618.
Then the market rallied again, which makes us wonder what is next.....RIGHT????
Well it quite simple from my point of view, back down to 13,000 which is .618 of this latest rally swing and by the 11th and then one hell of a rally.....just my opinion, ROTFL..........
What's yours???
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1 comment:
Dennis,
Did you notice the rare island reversal pattern on the ES and ER2 60 min charts. First time I've seen that one in the short 4 years I've been following them.
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