"Not only have you used different reference points but your fibs are upside down, too. 8.5c to 7c isn't a 61.8% retrace..."
Lexmark, I know! I have used the highest point of the accumulation phase (the high volume upthrust) as 100% and the lowest point (the high volume downthrust/spring) as 0% and then this shot off a 161.8%target of 10.75 to the upside, which I round down to the nearest price which was 10.5 and you will see that was the highest price the distribution candle touched. I then look for tests coming back to the accumulation channel for a safe reentry point. In this case it was 7 cents. Tomorrow I will be looking for confirmation in either a short low volume candle around the 7 cent mark or a stronger up bar on increasing volume. Works for me and it comes from a study of Wyckoff, with the exception that I am often buying at the bottom of the accumulation channel and selling on the jump across the creek and then re-entering at the test back to the accumulation channel. Sorry if my Fibs confused you. I will leave them off in future. cheers
MNM Price at posting:
7.1¢ Sentiment: None Disclosure: Held
