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I wanted to share a couple of major U.S. equity index charts with Fibonaccis, since I think they are kind of interesting. Here is the Dow Jones Composite, with anchor points at the bottom of the financial crisis and at the December 2014 peak. Take note of the 161.8% projection (dashed line) and its relationship to recent price activity.
Happy pre-Thanksgiving to Slopers. To be clear, today is a full trading day, and Friday is a shortened day, closing three hours before normal.
I wanted to thumb through a few big cash index charts. In most of these cases, they have blown right past their Fibonacci extension targets (thanks to Powell’s QE4). These extensions are based on major high/low anchor points, and are represented by horizontal lines. Here is the Dow Composite:
(more…)And here we are, as our Fibonacci Friend suggested. So the question now is whether Bitcoin actually finds stability at this key level, or if begins an entirely new journey lower. If it does, that target would be $3170.
I’m not sure what you did on Friday night, but it was probably different than how I spent mine: looking at charts and, in particular, Fibonacci extensions. In other words, this dialog box in SlopeCharts:
The Fibonaccis have had almost mystical power over this “asset”. I wouldn’t be surprised if bitcoin never sees quintuple-digits again.
