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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures -- Ignore unavailable to you. Want to Upgrade?

To: GROUND ZERO™ who wrote (38450)	10/23/1999 12:36:00 PM
From: Patrick Slevin	Read Replies (2) \| Respond to of 44573

I wish you had never mentioned that lower Fib number. I use 0.618 often...rarely the 0.382 so I forget about it. By chance, as I was going over some charts I was showing my son something about the rise of the SPX and he asked about targets. Then asked about looking at it further back. So I went back to the week of October 4th of '98 when the SPX hit a low of 923.32 I blithely pointed out that there wasn't a significant retracement...then my eye hit the recent drop. Sure enough, the damn thing went from Week of 10/4/98 923.32 Week of 7/18/99 1420.14 Week of 10/17/99 1233.66 So the 496.82 point advance had a 186.48 point Retracement which equates to a 0.375 retracement. One thing, though, it isn't often the market stops even that little bit short of a Fib number. It usually violates it at least a tad. But it did shake me up a bit, as I was real surprised that the retracement looked like a Full Fib number (the 0.382) when I eyeballed it.