I haven’t messed around with Fibonacci retracements in weeks, and it occurred to me that, with all the market action over the past month, it was high time to take a look. My jaw just about hit the floor when I went to the /ES chart and applied a simple retracement. Check this out:
The Fib basically nailed the drop perfectly. Below is a very zoomed-in look, and as you can see, Thursday’s low came within hundredths of percent of perfect. Shame on me for not watching this, because the anchor points are well-established and this simple drawn object predicted with stunning accuracy the target price of the fall.
