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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
This is an update to the post below on 3/31/21
The rally from the 1306.00 long term swing point and major Gann square has now sent them to new highs. That high was just above the 2106.00 major Gann square, there was one minor close above it and that made it the short term swing point. The break from there went down to the next major Gann square at 1930.00, this was also 23.6% of the March low. You can now use 1930.00 as the short term swing point, above it look for the long term target of 2290.00. Below 1930.00 look for the next major Gann square at 1761.00. The long term swing point has now moved up to 1370.00. On any bigger setbacks look for support at the other major Gann squares of 1602.00 and 1450.00.
The yellow horizontal lines on the second Chart below are short term natural support and resistance levels that are based on W.D.Gann's "Law of Vibration".
Each level can be used as support and then resistance once taken out and the reverse when starting as resistance.
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 markets.