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 attempt at new highs on the rally from our long term swing point of 1306.00 failed at the 1930.00 major Gann square and just above 78.6% back to the all-time high. A break from this area based on the 78.6% rule tells us a move of 78.6% the other way is possible, this would be 1439.00. It would also put it at the 1450.00 major Gann square. As always we will watch all the retracements on any break from here and so far they hit 38.2% of the move at 1701.00, if this is all they can break look for a test of the highs again and with a solid close above the 1930.00 major Gann square look for the long term target of 2291.00. There is one other major Gann square to look for resistance at 2106.00.
In between the long term levels you can use the Gann Law of Vibration chart for support and resistance. Each level can be used as support and then resistance once taken out and the reverse when starting as resistance.
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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 markets.