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

To: Dan Duchardt who wrote (10707)	2/21/2002 10:29:26 PM
From: Dominick	Read Replies (1) \| Respond to of 19219

I think a more telling point would have been to draw the line at the low on the 20th. The other lines did come in perfect as to support and resistance areas. dominick

To: Dan Duchardt who wrote (10707)	2/21/2002 10:46:59 PM
From: KymarFye	Respond to of 19219

I agree that some other Fib structures have been as or more useful for structuring the action. I posted some alternatives in other time frames (5 min and daily) last night. Though there might be some indications in the form of the "fibbing" chart that could prove useful for projecting turning points and extensions, I was mainly interested in it retrospectively - and because, I confess, I'm kind of entertained by it. What kind of blew my mind here was a) the symmetry within the whole move from the last swing high to today's low/close, with the bisection of the gap right in the middle of it all; and b) the wacky coincidence of the 61ish/38ish/61ish division of the ranges in raw points. Along with the near exact hit on the April 2001 low, and the approach to the 9/10 low, it all contributes to the feeling that we're at a critical inflection point.