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ONE44 Analytics where the analysis is concise and to the point
Our goal is to not only give you actionable information, but to help you understand why we think this is happening based on pure price analysis with Fibonacci retracements and Gann squares.
You can get all the rules and guidelines to the Fibonacci retracements on our website
The overall strength of the market is very strong. The last setback from the new all-time high held well above 48.750, this was both, 23.6% back to the 2018 low and a major Gann square. It did hit 50500, this was 61.8% of the ATH and the 3/1/21 low. The current rally has taken them up to 59350, this is 78.6% to the ATH. With a close back below the 57700 major Gann square, look for the next one at 52950, this will also be 78.6% back the other way. (78.6% rule). Provided they stay above 57700, look for a run at the long term target of 67.700.
The break into the beginning of March took it right to the long term swing point of 1306.00, this was a major Gann square and 38.2% back to the 2018 low. The rally from there went up through 78.6%, but never closed above it and hit the 1930.00 major Gann square. The setback from it went to the 1602.00 major Gann square, it did trade below, but did not close below and it did hit 61.8% of the 3/15/21 high and 3/1/21 low (1550.00).. The current rally is back up at the 1930.00 major Gann square, with a solid close above it you can use it as the short term swing point. Above it, look for the long term target of 2290.00, there is one other major Gann square to look for resistance before then at 2106.00. On a break from the 1930.00 area look for the 1450.00 major Gann square.
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This is our latest video in an ongoing series of how to use the Fibonacci retracements. Even if you do not trade the market covered the rules and guidelines are the same, as we believe the Fibonacci retracements are the underlying structure of all market