There are some posters wondering just how far the sp might go in the very short term. Many technical traders use fibonacci extension calculations to highlight potential profit targets.
From investopedia...
"In practice, most traders use Fibonacci extensions in combination with other technical indicators/patterns to help them determine appropriate target prices."
From Incredible Charts...
"Fibonacci Extensions are used to project likely targets for the next leg of an up- or down-trend."
From Investopedia....
"Fibonacci extensions are simply ratio-derived extensions beyond the standard 100% Fibonacci retracement level. They are extremely popular as forecasting tools, and they are often used in conjunction with other chart patterns."
I have calculated the short term Fibonacci extensions on the SSN chart and it details the following potential profit targets. Please note that these are short term (1 - 2 weeks) targets.
38.2% - 3.96 cents
50% - 4.1 cents
61.8% - 4.24 cents
100% - 4.70 cents
Fibonacci extensions are usually used in conjunction with other technical patterns present and SSN currently has an excellent cup and handle (or double round bottom). Here are a couple of charts.
cheers
Ange
take up a position!, page-27
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