Good Luck with that. Very poor experiment: selectively mine exactly one 4 yr sample window containing set of 7 pts that contain some sub pts that are near fibonacci; take a completely different measurement and find some correlation to corroborate predictive utility. They weren't kidding when they said their goal was to identify visual patterns. Looks like they kind of found one visual pattern to corroborate their theory. Don't forget that butter production in Bangladesh has highest predictive correlation to S&P movements!
Well... it does use clouds, and there are plenty of good patterns to be found there. However, I prefer the rorschach technical indicator, as it is constantly evolving and reflects directly upon your own trading personality.
When an inquisitor arrived in an area he called for reports of anyone suspected of heresy, sometimes offering rewards to spies who would report suspected heretics. Those suspected were imprisoned to await trials. The trials were held in secret and the inquisitor acted as judge, prosecutor, and jury. The accused had no lawyer. It was often simpler to confess to heresy than to defend oneself, especially since torture was often employed until the accused was ready to confess.
"Our conclusion must be that there is no significant difference between the frequencies with which price and time ratios occur in cycles in the Dow Jones Industrial Average, and frequencies which we would expect to occur at random in such a time series...The evidence from this paper suggests that the idea that round fractions and Fibonacci ratios occur in the Dow can be dismissed."
it's a poor workman that blames his tools fibo levels, ew, ta, charting are only useful to right brainers - visualists while i fu on calling a higher high of $180 for crude, crude's the perfect fibo # example: 'Crude to $89': http://www.elitetrader.com/vb/showthread.php?s=&threadid=51120 'Crude Oil to $144': http://www.elitetrader.com/vb/showthread.php?s=&threadid=107289 'crude to $55 . . . how about $34 ?': http://www.elitetrader.com/vb/showthread.php?s=&threadid=141755 see first chart for ew scenario and finally a DJIA fibo chart from 'Fall 09-2': http://www.elitetrader.com/vb/showthread.php?s=&threadid=165585 the attached chart illustrates 3 of the 4 important components when using fibos - the HH, LL and Close, that depending from which points the fibo is drawn, that particular fibo level is hit, or hits, as well as choosing the correct points to draw the fibo from - 1974 fibo doesn't work; the 4th component is the timeframe of the chart since that particular fibo level hit may only be seen on that particular timeframe whatever it is, and for me it's the Close that's usually the confirmation it's a poor workman that blames his tools
and candlesticks is just illusion too http://www.sciencedirect.com/scienc...serid=10&md5=42db0c8ce6c3382d49b464c044f0162c Is technical analysis self-fulfilling?