ONE44 in 360
This update is to show once again that it doesn't matter the market, or the time frame the ONE44 rules and guidelines are the same and why we believe the Fibonacci Retracements are the underlying structure of all the markets.
In the last Video that we posted on the use of Fibonacci retracements with the ONE44 rules and guidelines, we said we were still looking for new lows (taking out the 7/6/23 low) based on the fact that it was coming off of a 38.2% retracement on 7/18/23.
This happened on 8/4/23, by taking out this low it allowed us to retrace back to the 5/4/23 high once again. It was a 1 minute spike to a new low and right back above the previous low. We cover more on this type of move in a previous video and what it means. We now have two key highs to retrace to, the one just mentioned and the other is the 7/18/23 high.
The first rally went 38.2% back to the 7/18/23 high on 8/6/23 and the setback from there held 38.2% of that rally at 110.24. The rally from this made new highs and now that we can retrace up to the 5/4/23 high the tightest retracement was 23.6% at 111.21. This set it back to 23.6% of the rally at 111.07. The rally from it produced a 1 minute spike above the key longer term 23.6% level at 111.21 and then collapsed. This video explains more about these types of moves.
The fact that is coming off a 23.6% retracement we will be looking for new lows based on the ONE44 23.6% rule, however we will watch all the retracements on this setback to see just how weak, or strong this market is. A failure to make a new low that comes in the 78.6% area at 110.07 can send this market sharply higher.
Longer term, on a move above 111.21 look for 38.2% at 112.26.