#elliottwave + Fibonacci = Simple Forecasting Method | #SP500
Friends,
A quick and dirty way to forecast your way across the blank screen is to make use of very simple tools, such as Fibonacci forward projections of its significant 1.618 extension.
In the case of the #ES, here we are dealing with a high-probability geometry, derived from a Elliott Wave's pattern, in which we recently noted a Bullish Flat.
Hope this little pearl helps the novice traders out there.
Cheers,
David Alcindor
Predictive Analysis & Forecasting
Denver, Colorado - USA
PS: Here is the link to most recent analysis:
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@4xForecaster
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Without the knowledge of EWP, a pattern trader might possibly have noted the Double-Bottom that resulted from Points A and C.
Here is what I recommend doing next in the case of defining a Bullish Target:
1 - Set your Fib scale at only three values: zero, 100 and 1.618
2 - Seek the most recent HIGH and use it as the starting point of your Fib scale;
3 - Seek the most recent LOW and anchor the other end of your Fib scale to it.
Best is to use a magnet option, so that it guarantees the highest precision.
4 - Look at where your 1.618 brings you, and that is probably where price will move to.
The predictive/forecasting model is a whimsical animal that carries its own target definitions, but considering that TG-1 = 2016.25 falls below above method, and TG-Hi = 2031.25 falls above it, this hugs above value with some reassuring credibility.
A quick and dirty way to forecast your way across the blank screen is to make use of very simple tools, such as Fibonacci forward projections of its significant 1.618 extension.
In the case of the #ES, here we are dealing with a high-probability geometry, derived from a Elliott Wave's pattern, in which we recently noted a Bullish Flat.
Hope this little pearl helps the novice traders out there.
Cheers,
David Alcindor
Predictive Analysis & Forecasting
Denver, Colorado - USA
PS: Here is the link to most recent analysis:
-
------------------
@4xForecaster
-----------------
Without the knowledge of EWP, a pattern trader might possibly have noted the Double-Bottom that resulted from Points A and C.
Here is what I recommend doing next in the case of defining a Bullish Target:
1 - Set your Fib scale at only three values: zero, 100 and 1.618
2 - Seek the most recent HIGH and use it as the starting point of your Fib scale;
3 - Seek the most recent LOW and anchor the other end of your Fib scale to it.
Best is to use a magnet option, so that it guarantees the highest precision.
4 - Look at where your 1.618 brings you, and that is probably where price will move to.
The predictive/forecasting model is a whimsical animal that carries its own target definitions, but considering that TG-1 = 2016.25 falls below above method, and TG-Hi = 2031.25 falls above it, this hugs above value with some reassuring credibility.
