Posted On: 07/16/2016 9:56:21 AM
Post# of 1782
I agree with your technical analysis of the chart retrace.
It depends on which fibonacci retrace it takes, 50% or 61.8%
"In technical analysis, Fibonacci retracement is created by taking two extreme points (usually a major peak and trough) on a stock chart and dividing the vertical distance by the key Fibonacci ratios of 23.6%, 38.2%, 50%, 61.8%"
It could go quickly test the 200ma and satisfy the 61.8% fibonacci retrace from .0243.
However in most cases its 50%
Depends of support traders come in on and how much selling there is.
It depends on which fibonacci retrace it takes, 50% or 61.8%
"In technical analysis, Fibonacci retracement is created by taking two extreme points (usually a major peak and trough) on a stock chart and dividing the vertical distance by the key Fibonacci ratios of 23.6%, 38.2%, 50%, 61.8%"
It could go quickly test the 200ma and satisfy the 61.8% fibonacci retrace from .0243.
However in most cases its 50%
Depends of support traders come in on and how much selling there is.
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