Josh here's just a quick example. So I've started the Fib at the low and always best to start it the day before volume comes in. SP went up to $5 leaving a couple of solid gaps along the way. The retrace began and in this instance came down to tag the 50% Fib level but notably closing both gaps. H00ts has often taught that gaps become technical targets on retraces and this instance backs it up.
Currently the SP is marching onwards in a beautiful channel with only the last 2 daily candles giving me some concern with their big wicks but note they are on smallish volume.
The other thing I'd add but you need to test this yourself is that at the end of most retracements there's a final spit of volume on a long lower wick. That's definitely a "pay attention" signal to me that a reversal is imminent similar to this instance on PLS (last blue circle, note the long wick and volume but a lot of that volume was buying it back up).
Hope I'm making sense.
PS. Josh I'm certainly not trying to be a smartass or offend anyone but I'd leave fibs and elliots alone on intraday TA. They could only be valuable to the incredibly astute. IMO
Cheers.
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---|---|---|
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44 | 266224 | 2.850 |
25 | 221122 | 2.840 |
Price($) | Vol. | No. |
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