You can see the big overhead resistance for this rally, and should the market really fall here, there's very little existing below the old March '09 bottom. The largest resistance is just below 4000 on the DOW, and it ain't much....
What does Fibonacci say? Well, if yesterday was the top of 'B', which I suspect, then the levels on the DOW would be as follows:
C = .618 * A = 5093
C = .786 * A = 3774
C = 1.000 * A = 2098
Pretty scary. I see a potential match between the two methods at 3774 or so, don't you?
1 comment:
Mark: My calcs don't match yours. Maybe you can help?
"What does Fibonacci say? Well, if yesterday was the top of 'B', which I suspect, then the levels on the DOW would be as follows:
C = .618 * A = 5093"
Then A(length) = 5093/0.618 = 8241
-----------------------------------
Assuming you are using:
A start = 14198, and End = 6470.
Then A(length) = 7728.
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