To everyone that offered their condolences - thank you. Life is so precious and when someone terminally ill takes that decision into their own hands it brings the grieving process swiftly to the front. Thank you again. Now to help take my mind off things I'll try to get back to work.
I have not seen this analysis here today, so I thought I would be blunt instead of giving away hints. Note the fib placement I had and how it has differed from the ones posted here so far. The support (0 fib) later became support again and provided initial retracement pips at the support line that Skunny has discussed. Someone here coined the expression DZ or decision zone. I prefer to call it the NNDZ or Nervous Nellie Decision Zone. After your primary PA move for the day you can usually define your new fibs loosely by the retracement, whipsaw, retracement action. This is simply the retail buyers and sellers moving in and out of the market or what has affectionately been called the Nervous Nellie's in institutional circles. In other words the internal fibs are usually contained within this action as seen in the attached picture. If you place your fibs on this NNDZ action you will short change yourself on the pips available later at the extensions. If you draw the fibs too wide you will suffer large DD to hopefully find the extension target many days / weeks later.
Note the Gann 14 has been working recently as the retracement line to break. When the retracement is quick, PA usually runs sideways similar to Friday then when the line is broken within several hours the PA breaks down. This is easy to see real time because PA will react to the line from nowhere, you know you have it right.
I have not seen this analysis here today, so I thought I would be blunt instead of giving away hints. Note the fib placement I had and how it has differed from the ones posted here so far. The support (0 fib) later became support again and provided initial retracement pips at the support line that Skunny has discussed. Someone here coined the expression DZ or decision zone. I prefer to call it the NNDZ or Nervous Nellie Decision Zone. After your primary PA move for the day you can usually define your new fibs loosely by the retracement, whipsaw, retracement action. This is simply the retail buyers and sellers moving in and out of the market or what has affectionately been called the Nervous Nellie's in institutional circles. In other words the internal fibs are usually contained within this action as seen in the attached picture. If you place your fibs on this NNDZ action you will short change yourself on the pips available later at the extensions. If you draw the fibs too wide you will suffer large DD to hopefully find the extension target many days / weeks later.
Note the Gann 14 has been working recently as the retracement line to break. When the retracement is quick, PA usually runs sideways similar to Friday then when the line is broken within several hours the PA breaks down. This is easy to see real time because PA will react to the line from nowhere, you know you have it right.
Attached Image (click to enlarge)
