EU's recent decline has been following fib ratios closely. Looks like we have finished a wave 4 and are in wave 5 now. Key supports are nearby which if broken could be catastrophic.
1.11866 and 1.11685 offer thin slivers of support before deep dive. 1.11520 - .11555 should provide a bounce, but maybe not bottom. 1.11042 - .11090 should be absolute bottom before ECB news event.
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(found last bottom) (in time, to the Pip) (scalp that ran hard) (perfect top, huge profits) (the very tip-top a year ago) (perfect entry, huge profits) (pinpoint Entries/targets) (just in time, quick 70 pips) (Upthrust warning just in time) (recent perfect entries) (perfect short a year ago) (perfect long to short flip) (perfect entry, huge profits) (Perfect entry, still in play) (Prefect entry, almost done) (Fib extensions at work)
Of course, I have had total FAILS on some plots also, not going to pretend. But my plans offer PRECISE entries, TIGHT stops, and EXACT take profits. Precision is the way of the Fib. Almost every turn happens at a Fib Line.
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First Target hit EXACTLY bounce is not impressive (yet) but likely some sideways and hopefully on to the next target.
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Closeup of the precise 5.618 hit evaluating the bounce right now but it is not showing any Impulsive behavior yet...
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Continuing towards second target. Just hit a sliver of support before the final destination.
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Extended target hit after ECB's dovish stance press conference up next, it might bounce from here but if not, look out below!!!
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Low on candle off by 2/10's of a pip! Not to say that it can't go lower, but such a ping confirms all other lines of that fib and of others.
Hello, would like your opinion on this fibo extensions.
i chose the second low because was during daytime trading, but I made also a version with the bottom spike.
do you think is valid, or is it too early and this could be a B wave from the correction?
EuroMotif
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@chocotraders, Hi there.
I would start with the extreme-most low in his case, but then look for 'confirmation' at the 1.236 or 1.618.
"Confirmation" as in a clear reaction by price when it touches one of those extensions.
Looks like your second plot above (using lowest low) did get a decent confirmation at the 1.618 or very close....
yes it did, so looks like we going for a real uptrend!
here's the chart:
LotusTrading20
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@chocotraders, what I found most funny, is that the present moment we're consolidating and it's not a FIBO. should be because here was the open gap from S&p cash.
i chose the second low because was during daytime trading, but I made also a version with the bottom spike.
do you think is valid, or is it too early and this could be a B wave from the correction?