fib confluence on Nortel

Discussion in 'Technical Analysis' started by bufferman, Jan 18, 2004.

  1. Hey,

    I am considerably new at this and to be honest this is the first confluence that I did myself. What do you guys think of it.
    I will, of course, look for candlestick reversal pattern at that point.

    But any suggestions whether the analysis was done correctly or not. The confluence is at the 7.16-7.19 price range btw.

  2. i think this is cake because there's also like 3 runaway gaps that need to be filled. the only question is whther its gonna get to your cherry shorting area before retracing.
  3. mojo59


    Hi Bufferman,
    I can see one possible extension fib at $7.17 but that's about it. Where did you get your fib confluence numbers? Nortel is hitting its 2 year high now so it can't be based on a bounce off of lows. Please give specifics on how you arrived at confluence in this area. Thanks.

  4. I just measured the extensions from the range that it was in.
    There were 4 extensions that came together:

    Which lows are you talking about when you say it can't be based on bounce off of lows?
  5. mojo59


  6. maxpi


    The market seemed to think so!!
  7. might be a fibo retracement ...

    if this is not "old news" or if it has not been discounted

    in recent days