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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA
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To: Dominick who wrote (10708)2/21/2002 10:54:12 PM
From: Dan Duchardt  Read Replies (1) of 19219
 
I think a more telling point would have been to draw the line at the low on the 20th.

Sure. That's another example of using a high and low combination to establish the Fib range to anticipate future turning points. In this case, you can see from the chart that if the lower line were raised to 2/20 low, then the bounce off that low would have been nearly a 38% retrace back toward the high (not quite it appears). One might also use that range to predict where the next low might be based on an expansion of that range. Some people like to use the square root of 1.618 (=1.272) for range expansion.

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Dan
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