[quote=ragingbull94mtx;200233]I think cable could hit about 1.95 before resuming the uptrend (or at least retrace some before continuing its move down). At that level there's the 38.2% retracement from the 1.9914 high to the 1.9261 low created on January 8th, 2007 *AND* a monthly pivot support point. Quote
If your configuring your Fibo setup with extremes, the low would be 1.9260 and the high 1.9914.
This would place the 50% at 1.9587 (which completed already), and the 61.8% would be 1.9508.
When the market opens, it could be possible that traders will jump on board this downward move that would push the price down to this 1.9508 range.
If this were the case, I would then expect the price to reach 1.9508, and from there push upwards to complete the Fibo from the present downward move of 1.9914 to 1.9508, or 1.9914 to 1.9558.
The Fibo Setup for these ranges are:
1.9914 to 1.9558
38.2 - 1.9694 *(previous supp. & res. line)
50% - 1.9736 *(Previous pivot - supp. & res. Line)
61.8 - 1.9778 *(previous high)
1.9914 to 1.9508
38.2 - 1.9663
50% - 1.9711 *(previous pivot - supp. & res. line)
61.8 - 1.9759 *(median price Dec. to present)
* These notes are based upon calculations and references that I have personally noted, and they may not correspond with your chart or personal references.
If your configuring your Fibo setup with extremes, the low would be 1.9260 and the high 1.9914.
This would place the 50% at 1.9587 (which completed already), and the 61.8% would be 1.9508.
When the market opens, it could be possible that traders will jump on board this downward move that would push the price down to this 1.9508 range.
If this were the case, I would then expect the price to reach 1.9508, and from there push upwards to complete the Fibo from the present downward move of 1.9914 to 1.9508, or 1.9914 to 1.9558.
The Fibo Setup for these ranges are:
1.9914 to 1.9558
38.2 - 1.9694 *(previous supp. & res. line)
50% - 1.9736 *(Previous pivot - supp. & res. Line)
61.8 - 1.9778 *(previous high)
1.9914 to 1.9508
38.2 - 1.9663
50% - 1.9711 *(previous pivot - supp. & res. line)
61.8 - 1.9759 *(median price Dec. to present)
* These notes are based upon calculations and references that I have personally noted, and they may not correspond with your chart or personal references.
