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Monday, July 20, 2009

Fibonacci combined! The ARC, the FAN and the RETRACEMENT lines!

I was reading up on Fibonacci Arc and Fibonacci Fan today.

So I combined these 2 together with Fibonacci retracement and rising wedge triangle to come out with a chart....

And this chart suggested that
(i) might be reaching 268x between 14 to 18th August eventually
(ii) the breaking of my rising wedge might occur in the week of 14th to 18th of September




From my chart plotted on hindsight, at 2424 where a mini rising wedge was formed, we had a correction to 2211. That was the point that touched
(i) resistance of major rising wedge
(ii) 23.6% fibo arc resistance
(ii) 50% fibo fan resistance
(iv) 38.2% fibo retracement resistance


Iif we continue to observe this pattern, it should go near 268x, probably to complete wave C (be it minor [a 3rd alternate count] or major). After that, it may trend down towards 264x, then break downwards...


Shall see how it plays out. Fibonacci is interesting, and it would be amazing if this works out to be true.

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