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?
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WallStScalper 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.
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