Monday, September 21, 2009
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The markets opened lower, rose and then ran into resistance at the 200 minute EMA.
What I wanted to show was how important Fibonacci numbers are. Notice there are three sets of Fibonacci numbers in the above 10 day chart. The first is from the bottom on the 8th to the top on the 17th. The second is from the bottom on the 14th to the top on the 17th. The third is from the top on the 17th to the bottom on the 18th. I drew a box around areas where certain Fibonacci numbers were important for certain price action. Just look at how much space is taken up with the price action. That's how important Fibonacci numbers are.