elliott wave and fibonacci price targets ...

Hmmm ... chart will be familiar to EW's (sadly we have lost many ...) and the correct method for plotting price targets based on Fibonacci projections as opposed to the more customary retracement studies.

In this example price rallied from the 2004 low (3252) to the high 4266 and retraced back to 3926. The method for finding the next price target is to multiply the rally (1014 points) by the Fibonacci ratio of 1.618 and add the result (1014 x 1.618 = 1640) to the retracement low (1640 + 3926 = 5566) as our wave 3 price target.

Similarly, we plot the next and the rally 1480 x 1.618 = 2394 to retracement low 4758 + 2394 = 7152 wave 5 price target.

For the three wave corrective trend multiply retracement (1812 points) by Fibonacci ratio of 1.618 and subtract the result (1812 x 1.618 = 2931) from the rally high (5980 - 2931 = 3049) as our wave c target.




Cheers ... tight stops.


This is only my view ... read the black stuff.