QuantitativeExhaustion

Symmetry and Fibonacci Price Analysis

AMEX:IWM   ISHARES RUSSELL 2000 ETF
1736 13 25
This chart uses a similar methodology employed by Carolyn Boroden also known as the Fibonacci Queen. What I did was find symmetry in previous trend lines to measure out 3 Point Fibonacci Extensions. I found we had similar trends that I marked in both black and blue lines. As you can see with the new tool by Trading View, we can now measure length, bars and time with trend lines. So what I did, was measure these low-high-low intersects with the 3 Point Fibonaccci Extension tool. I use simple Fibonacci extension measures, 1.272, 1.414, 1.618, so on....

Assuming we have seen a temporary top I measured the recent high at 104.95 from the previous low in late June. My retracements numbers are a bit more uncommon, and I use Pesavento retracement numbers. After plotting the lines I only found two significant Fibonacci clusters. A cluster is where several Fibonacci lines group or cluster. Area with decent clusters are near the 104 and 103 areas. With a light retrace without breaking too far below the 103 area we could see 109 in the near future. 109-110 IWM             would equate to about a 1740 S&P             target.



Please vote to add the Trading View 3 Point Fibonacci Timing tool to find Fibonacci timing clusters https://getsatisfaction.com/tradingview/topics/3_point_fibonacci_timing_tool_used_by_fibonacci_queen
andrewunknown
3 years ago
Very nice work, JR: any chart rationale namedropping Carolyn Boroden deserves a thumbs up, and great elaboration on some of her work. I'll be sure to submit a vote.
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QuantitativeExhaustion PRO andrewunknown
3 years ago
Thanks. Please vote on the 3 Point Fibonacci Timing Tool.
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andrewunknown QuantitativeExhaustion
3 years ago
done - would be a great add.
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snapshot


Closer look you can find some more clustering at lower levels. 99 area is very closely clustered.
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DuncanParker PRO QuantitativeExhaustion
3 years ago
Agree on 99-100 & 109-110 both being on the table. I'll probably book short side profits around $99 and "wait and see" if we get a bounce. 109-110 becomes more realistic after a $99 test imo. Vote submitted! Thanks for sharing, JR!
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Vote for me, too! (Modified ATR Trailing Stop by Sylvain Vervoort) https://getsatisfaction.com/tradingview/topics/indicator_feature_request
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QuantitativeExhaustion PRO DuncanParker
3 years ago
I already voted
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heavy Resistance at 105 level for IWM
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snapshot


overall look
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