I don't do much long-term fibbo work, but if I had to I see a 50% retrace, it would mostly be to about the 8200 level on the NQ... Right around that black infobox on the chart...
The market yesterday closed up + 1,71 % on the Day, up + 3,75 % on the Week and closed on top of the weekly range. That's hardly a fail or weakness. It's called consolidation.
I agree the mkt is far from weak . They’d love to get 3 k and a new ath on Naz( only 3% away ). The key is do to many people also expect that? If we take out 2850 I believe the bear is back on .
Got a sell signal last night, although i'm basically ignoring it (i.e, still holding my one remaining small swing long after a nice day yesterday where I made good points on the various 'add ons') We'll see. Twitter seems full of dead bears who have given up the idea of shorts for what it's worth lol
I don't think there's much more upside on this leg, though. I have my eyes set on 3021,50 if we can push through 3000. Lots of air below from last Friday's Close. I'm thinking we'll fill it sooner or later, but we're good for another push higher first.
Interesting factoid: 50% is not a fib ratio. True story. It is the midpoint ratio, and midpoints are observable levels of interest. Another is that most pullbacks retrace 1/3 to 2/3's of the previous leg before a trend resumes, so the 38.% and 61.8% are simply good approximations of the 1/3 to 2/3 observation. You can actually adjust your fib tool to show 1/3 (.33) and 2/3 (.66) instead of the fib ratios in most platforms.
out -1 after adds. Rocket ship didn't take off, and my 930est open system has short triggers right now