Browse Symbol Stacks: /ES: ES_Voodoo_April242015.jpg

ES_Voodoo_April242015.jpg

In fibonacci land, there's a branch that studies what they call "Voodoo" or "FibGrid" lines. 

Basically you draw a fib from a major low, to the first new high. Then you add the 1.618, 2.618, and 4.236 extensions. In-between those levels you take 38.2 & 61.8 retracements as lower significant levels to watch.  

It is fractal. 

This is what that looks like on the /es monthly. 

It gives a partial reason for why we've rammed up against this level for the past three months. 

IF we are to rally on (shudder), the next level of note is 2238.25 (pink dash line above current ATH). 

Is this perfect? No. But is does give targets to watch for "things" to happen at/around.

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