WallStScalper

Textbook triangle drop and retrace

AMEX:SPY   SPDR S&P 500 ETF
169 2 0
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.
Wall St Scalper
JimmyIzzaWussy
3 years ago
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
3 years ago
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
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out