Monday, August 17, 2009

SPX Fibonacci Projections



This chart was posted on 8/15(http://waveprinciple.blogspot.com/2009/08/channeling-p2-zigzag.html). I was projecting a wave 3 of some degree to land at the Fibonacci cluster. Look at the chart below and see the result.



It is pretty amazing. I think this is the first time I have finally seen the projection pan out!

The Fibonacci targets clustered right on the money so according to this technique, there was a high probability that price would be attracted to that level and most likely based on the count I had at the time it would represent a wave 3.

This may provide some perspective because in my earlier post just minutes ago, I was speculating whether wave v of (c) of MINOR B was in progress.

If this is to mean anything, it is possible only wave iii of (c) of MINOR B completed and we will see wave iv tomorrow before v completes.

I think while writing this the e-minis continued to fall so who knows, v may be in progress.

I'll take a look at the e-minis later and see if they provide further clues.

Just something to keep in mind. Anyway, I'm still amazed...

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