WallStScalper

Textbook triangle drop and retrace

AMEX:SPY   SPDR S&P 500
169 2 1
With the drop we could have seen the end of the 5 wave down on the SP             and now heading up. Triangles are normally 4th wave characteristic.
What is the significance of 1.27 retracement level? I've never seen that value used before, I assume it's derived from the standard fibonaccis. But why do you prefer that over 1.238?
Reply
WallStScalper PRO JimmyIzzaWussy
Yes it's a fib number and as you can see it fits well with the first retrace after bottoming. 1.27 is also commonly used in harmonic patterns.
Reply
English
English (UK)
English (IN)
Deutsch
Français
Español
Italiano
Polski
Türkçe
Русский
Português
Bahasa Indonesia
Bahasa Melayu
ภาษาไทย
Tiếng Việt
日本語
한국어
简体
台灣
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out