Hi all hoping some of you elliott wave and fib level traders can give your advice and opinions abt the $ MCD chart. I'm very nee to elliott wave theory and trying to make sure that I'm identify and naming the correct price peaks and dips. Also I have used Fib level and price seems to have retraced to 61.8%. My thoughts are to go long as it has retraced back to 61% Fib level. Any opinion or advice greatly appreciated.
%%%%%%% That may work in a bull market; most any long/strong will. 50% off,level can be helpful .Wisdom is profitable to direct. Not a prediction.
Any retracement beyond 50% is a sign of weakness. This doesn't mean that a good rally can't occur at this point.
There are 100's of Fibo/EW "systems" and forecasts on youtube. Have you done any testing on your technique?
this is not create a trade plan. So havent backtested it was just ask you folks if i'm identifying Elliottwaves and drawing the Fib level propaperly. And i have also seem many people talking about stocks pulling back to the 61% level and going back up. Is this one of those