Canoe Tuesday, page-3

Let's throw some Fibonacci levels into work.

First graph uses the Fibonacci Extension lines run from low of March 5723 to high of May 6150 back to low of June 5963. It gives us 6222 @ 0.618 level which is roughly where XJO closed last Friday.


The second graph uses Fib Retracement from low of June 5963 to this month high around 6251. Funny enough as I type this, the Cash CFD price is currently at 6184, right at the 0.236 retracement level. The key level here will be 0.382 (6141) which is very near the last peak (6150). It will definitely retest this level, how it behaves will dictate the next move, whether follow graph 1 extension to new high or graph 2 retracement. The retracement 1.618 level on graph 2 is very close to March low. If you are a shorter, this may excite you a little