Did a bit more theoretical maths today, primarily with my basic level of understanding of Fibonacci retraces.
Note, I don't subscribe to this exclusively, but it provides interest and sometimes an answer as to why a share would 'appear' to turn around. Admittedly the sp did overshoot somewhat, however it did seems to SETTLE at close to the 50% point. Might be handy to a swing trader with sound charting knowledge, however I'm merely someone trying to find my own handle on WHY the turn was at this pount.
At a 50% [approx] retace, the turning point comes in at pretty close to 48.5c.
My calcs went as followed. Again, a very rough set of numbers, so forgive me if I'm way off...
Top of current cycle: 78c Bottom of current cycle: 21c Variance :57c
Theoretical and unofficial 50% Fib retrace: 57c x 50% [f] = 28.5c So, 78 -28.5 = 48.5c
Yeah, it's rough and yeah I might be WAY off the curve, however it adds interest to see if the current accumulation activity is the start of the next cycle upwards...
Whatever you do, DON'T order the Bugatti Veyron quite yet!
MLX Price at posting:
50.5¢ Sentiment: Buy Disclosure: Held
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