2023 Charts, page-1315

No probs, happy to back-up what i put out there.

Honestly, ive learnt over time that the proper use of Fibonnachi is a heap of shit. Nearly Every post i've seen that has used it in its proper way has turned out to be wrong. There's so many retracement levels that the probability of the price getting close to one of them is pretty high.

Therefore, i use it for something else.

Traders like predictability and patterns, and they tend to repeat themself. Therefore i use fibonachi to measure gain and retracement levels over our price history in the past and see where it went, what happened last time, and extropalating that predictability of past patterns into the future. Charting is about building a narrative of the weight of possibilities.

If the start of our big bull run started with a big gain from ~5c to 21.5c (a 330% gain) and then retraced 78.6% on the fib line. and then suddenly we have a ~850% gain, the fact that we found major support last time after a 78.6% retrace last time contributes to evidence of strong support after a 78.6% retrace this time... (By how much % who knows, but it does contribute)

I don't like to use single things like this to make calls.

So lets look at a case history of RSI in AGY when its fallen below 30.
Just remember you said this btw
"Also I've made my opinion clear on MACD, RSI etc. They pretty much don't mean a thing as they're just lagging indicators which follow price (as is all overbought/oversold indicators). We can see those oversold levels don't hold any merit, shown in my third image courtesy of yourself."

Yes, i agree they're lagging indicators. But watch what happens to AGY price every time we dip below 30 RSI. This will make you eat your words tbh.
every single time the bottom is found... and if not it's found, its found within an extremely close place of it before gaining a solid amount. It may not be the veeeery bottom of all-time, but after a spike back up we can then reassess.




I don't pretend i've studied stock charting in university and i may not get the terminology right, or use things the "proper way" but one thing i do understand is the notion of patterns and trends and the charting stuff i put out there is amongst some of the most reasonable on this forum...

In other news, glad we're out of this channel now. Hopefully it brings us something different