Fib spirals, Fib extensions, HVF all target the long-term support line.
Projected target is about $2600 - $2800 late May/early June.
Also:
Forcing Fib spiral through that zone of confluence results in several possibilities for the next high.
1. Pink: Lower high within the down trendlines 2. Orange: BO from the down trend and lower high beneath the all-time high log trendline 3. Purple: Breakout from the all-time high log trendline (exit the bear market)
At this point I favour bearish continuation with a lower high in the pink zone.
nb this is the updated version with correct placement of the next high for spiral 5
Bình luận
⋅
So far, the 5th spiral has stayed true to the trend and we are about to find out what happens: do we break out of the ATH trendline, or come down for further lower highs?
These would need to correspond to 2017 highs X & Y.
I don't know if the circle itself is a target. The more i think about it, the less convinced I am that spirals are related to it. However, the HVF and Fib extension targets are still legit.
also what do you believe about Gann squares, they serve a similar method as spirals but are more timely based. I am new to using fibonacci spirals
SalientQuips
⋅
Thanks for posting this excellent weekend analysis in whalepool today:
Have you applied the fib spiral and HVF method to the 2014 retracement?
SKG79
⋅
@atorrealba, thanks for your question. I'm not sure how accurate they are. This is an experiment. I do see freakishly accurate patterns with things fibonacci - extensions, retracements and time patterns. In this case, the spirals are new to me. What I can actually say is that it is very peculiar that all lower highs in 2018 so far have a corresponding higher high in 2017, and that the only point in the chart where these spirals pass through is the white zone of confluence along the long-term support line.
I can see this playing out a few different ways. The white may not be a price target, but instead the universal pivot point for these spirals. Though I haven't drawn it here, there are other points (much lower) that price can go, still passing the spirals through that point...and meet the former highs of 2017.
As of today I'm just watching with curiosity.
Gann squares aren't my thing, but Gann fans reveal some interesting support and resistance trend lines. I'll look into the squares. Got a link to a chart you want me to see?