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TF4.jpg

/TF near 50sma, upper median line, 61.8% retr, 161.8% extension. Ripe for down

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nickernicker
TF Daily is closing in on 1) 68.2% retrace of downmove 9/3-10/13 2) 50 sma and 3) 161.8% of A leg up 0/15-10/17 and 4) upper median line from Mar 2014 PP  
All occur ~~1128-1131.5 and likely be reached in the next day or two. Anticipating either resumption of strong downmove, or at least some move back down 10/23/14
007 perky pooper007 perky pooper
TA: how do you know the correct range of days to look at when trying to pick your top and bottoms for the fib retrace? i.e why not Oct 6 as the high point before it reversed down? thanks 10/23/14
nickernicker
Perky, I'm not sure how to answer you, since it's all relative and all relevant. You CAN do that. However, from the point you mention I was only looking for a 5th wave down before some upward retracement. I always look for "other possibilities," such as that the zigzag down from july 1-oct 15 hit 161.8% of the downmove ending aug 1, leaving open the possibility that that zigzag was corrective and that market is headed for new highs (something that looks stronger for /ES, for example). I'm not following you as to why on Oct 23 I would not use the full information available as of that day. I think I'm missing your point. Try again? 10/24/14
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