Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
Some Fib levels to watch. We are right at the important 1.618 extension of the last move down. A kiss of 4100 is in order, but I don't know how much more without a pullback.
I like to watch for correlations or divergences between the top stocks in the NQ like AAPL, as well as between the other indices and other related ETF and cash indices.
I look at SPY, QQQ, SPX$, and individual stocks like AAPL. Sometimes the lead or lag the index.
So we kissed 4100 and sold off as expected. The 1.272 and 1.618 fib extensions have been rather precise targets for this swing, with the confluence of 4100 and the 1.618 extension acting as a ceiling, so far.
In terms of retracement, two levels of confluence highlighted in the next chart stand out:
1. Confluence of 23.6 retracement and 127.2 extension from 4045.96 to 4036.06.
2. Confluence of 32.8 retracement and 4000 psychological level.
I have to admit that there are other, more sophisticated fib methods that I use, but currently the freemasons will not allow me to disclose them
Not that the fib stuff you showed is at all bad. I always have trouble making them work, except in hindsight.... Will be interesting to see if it can work out consistently going forward.