This was more for the MSR guys but thought some of you might be interested.
Coincidental? The evidence would suggest otherwise.
I couldn't get you lot chatting about this yesterday but take another look at the fib projections from the flash crash on Jan 6th, they've been providing the road map since.
The price setters flashed the double bottom at USD1181.9 then set the ensuing peak at 1247.7. Now if 1181.9 was to be set in stone, the following post peak retracement had to remain above the 50% mark (1214.8) with force to make a statement……It reversed at 1215 with ferocity making that candle a bear death zone.
A (1181.9), B (1247.7) and C (1215).
Extensions from there…….It took a month of probing the 61.8 (1255.5) and tagging the 100% (1280.6) before the bulls recaptured the 61.8 ground. It became clear to the bears that they'd lost 1255.6 and it appears likely that they didn't attempt to defend the 100% (1280.6) because they were unlikely to get it back to the 61.8 with a freight train coming their way. That brings us to yesterday, the battle for the 138.2 fib (1305.7) was lost in less than 3 hours……Once again, the bears know they're stepping into the path of a freight train so the fall back position became the 161.8 (1321.26) and 6 hours ago, we tagged 1321.3.
The 200% fib at 1346.4 and the 261.8% at 1387.1 would appear the logical targets from here if the bears can't regain 1305.7.
Haven't had a coffee yet, hope i didn't bugger those numbers up.
