fib confluence on Nortel

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.

thanks,
Paul

 

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.

 

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.

 

I just measured the extensions from the range that it was in.
There were 4 extensions that came together:
3.5
4.786
4.236
5.236

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

 

The market seemed to think so!!

 

might be a fibo retracement ...

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

in recent days