INDU / SP Fibonacci Update

Does this stuff work? Yes but ....
Lots of buts in the world of waves and Fibonacci relationships, not to mention massive world wide Central Bank interventions completely distorting price discovery usefulness of markets, etc still take a gander;
click to enlarge

SP mini
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The Dow found support yesterday at the .618 retrace and the E mini at the .382 retrace.
Presumably the Dow is leading, or at least weaker, and both are responding to Fibonacci "magic".

Looking a little further both charts record a sideways range market over the last 9 mo.s- not easy to interpret. Is it a consolidation prior to new highs and how strong will that move be? Or are these charts reflecting an exhausted market failing to respond to CB intervention and rolling over?
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The Dow is weaker so perhaps leading the way. 
In the W structure c= .48 of a.
X = .48 of W.

In the Y structure c= .55 of a
Y= .49 of W

Obviously new lows under the July 6 17354 would indicate at best another X wave underway, but also perhaps a failure at the highs July 16 and all that implies.
Between here and there, taking out the .618 support, which it is playing with as I write, will be negative and esp. the July 12 low of 17536.  


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