Price and Pattern Analysis
Today's idea is based upon a Fibonacci 88.6% retrace which can be a the beginnings of a CIT . The figure is derived from the golden ratio 0.618 ie, Square Root of the ( Square Root of 0.618) = 0.886. So the of the previous MAJOR swing gives us 1.56585 being the EXACT high ( and rejection ) of the second . Confirmed double tops can go 200% of the previous swing ( if target 1 is taken out ) which could take us down to around 1.54853 our 2nd target.
I also ran some time counts to see if the second had any significance. and found some interesting relationships between the swings.
1. The previous Top to Bottom Swing (A-B) is 168 Trading Hours. The number 168 is a Natural Square that repeats in nature and is derived from taking a 7 day week and multiplying it by 24 hour in a day = 168 Calendar Hours. If I was to convert that number into Degree's of a 360 Degree Circle it is sitting on 308 Degrees.
2. The next Bottom to Top Swing (B-C) is 120 Trading Hours or exactly 7 Calendar days ( Remember the previous swing? 7 Calendar days multiplied by 24 hours = 168 ). The number 120 is also sitting on 307 Degrees ( Only 1 Degree of separation from the previous swing of 308 Degrees.
So both A-B & B-C Swings have also SQUARED out in TIME ie. 168 ( 308Deg ) & 120 ( 307Deg)
3. We also have a Top to Top Time Count of 288 ( regarded 144 as one of his most important discoveries ) so we have 2 cycles of 144 coming together to confirm point C as a possible important turning point.
Let's see how this evolves next week.