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To: wallyam who wrote (5546)7/9/1998 11:06:00 AM
From: Musya  Respond to of 93625
 
To reiterate again: yes, market likes to retrace 1/3 to 2/3 of the runup, but it is nothing to do with Fibbonacchi numbers. These numbers are precisely defined. The market behaviour is always probabilistic, with supports and resistanses being stripes, not sharp lines. The retracements tend to be withoin 1/3 to 2/3 of the runup. BUT, the turning point of the retracement is not the nearest F. number (sorry to say), but the nearest support or resistance.
Read Elder's Book. It is worth the money of you want to to trading. Amazon.com will gladly sell it to you.

Musya



To: wallyam who wrote (5546)7/9/1998 11:08:00 AM
From: KM  Read Replies (1) | Respond to of 93625
 
It's just one of many tools available. The problem with TA on this stock is that it has only traded for a little over a year and has insufficient data history to really judge it.


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