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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA -- Ignore unavailable to you. Want to Upgrade?

To: KymarFye who wrote (10692)	2/21/2002 10:23:56 PM
From: Dan Duchardt	Read Replies (2) \| Respond to of 19219

KymarFye, home.pacbell.net I assume this is the chart you mentioned in a later post that no one has commented on. I've never seen Fibonacci levels used the way this chart appears to use them. I might have expected to see the 100% range established by the low on 2/8 and the high on 2/14, with Fib levels dividing that range to anticipate turning points on the retrace, or extensions beyond the 100%retrace based on Fib levels. In fact, the turn at 1365 is a 138% retrace of that range, and the next high was a backside test of the low of that range. The 150% retrace is 1355 and the 162% retrace is 1342, which loosely correspond to the low/close today. Going forward, if we assume today's low represents a turning point, the lines you have drawn are places I might look for reversals back down. Dan