Certainly here is a relatively high level of confidence about which we are going, that is being up. Less certain about how far or how high exactly. Not ironically, this is quite normal for markets.
We are not in the business of getting every prediction right, no one ever does and that is not the aim of the game. The Fibonacci targets are highlighted in green with invalidation in red. Fibonacci goals, it is prudent to suggest, are nothing more than mere fractally evident and therefore statistically likely levels that the market will go to. Having said that, the market will always do what it wants and always has a mind of its own. Therefore, none of this is financial advice, so do your own research and rely only on your own analysis. Trading is a true one man sport. Good luck out there and stay safe!
Thanks for the detailed analysis. I'm very new to these concepts, so if you don't mind, could you please give more thoughts? I understand that above analysis is not for financial decisions. I'm purely trying to understand the technicals. 1) how are values 1.272, 1.414 etc determined? 2) What's the significance of 1.272 and it's association with 54.76? 3) What's the difference between the horizontal predictions(1.272/54.76) VS the slightly slanted lines (1.272/55.52)
Thank you so much.
Rykin_Capital
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@SeriousAboutFood, Hmmm. All of these are good and valid questions. To answer why the series of numbers chosen by us is significant would be reason enough to write a couple of chapters in a technical book. To make those chapters make any sense would require writing another couple of chapters. We just can't. On another hand, if you would like tutoring that can be arranged, but that does not come cheap. PM us. On another hand, all that we us is already available in the public domain. It is not fancy, but works better (to our surprise) than algorithmic trading and a purely indicator driven approach/es. Ya just gotta know how to look. All the best!
SeriousAboutFood
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@Rykin_Capital, thank you, I will continue researching further.
I'm very new to these concepts, so if you don't mind, could you please give more thoughts? I understand that above analysis is not for financial decisions. I'm purely trying to understand the technicals.
1) how are values 1.272, 1.414 etc determined?
2) What's the significance of 1.272 and it's association with 54.76?
3) What's the difference between the horizontal predictions(1.272/54.76) VS the slightly slanted lines (1.272/55.52)
Thank you so much.