renew fib retracement, page-5

nana, your fibo retrace numbers are based on a low at 36c on March 16, 2011.

Below is an NTU daily chart with fibo retraces based on the low at 46c put in on 30 March.

The chart shows the 62% retrace sitting below the current consolidation at 69c.

Those who count waves will identify the current consolidation as a wave 4. The wave from 46c up to 108c was a wave 3.

Wave practitioners apply fibo retrace calculations on the wave 3 amplitude as a first step (shown below). A fibo retrace calculation from the rally's start at 36c - as you have done - has legitimacy if you are looking for a retrace on the rally's complete set of 5 waves. On the NTU daily chart, the current set of 5 waves has not yet completed.

When the 5 waves are complete, it would then be logical to calculate fibo retraces on the entire amplitude of the 5 wave move.