Hi Phantom IIThanks for your thoughts - fair enough comments.IMO...

Hi Phantom II

Thanks for your thoughts - fair enough comments.

IMO the candles around 17Oct07 were a false break from NWE's GFC downward channel. Without these I believe we would have seen a larger run up around 7Oct09 when we broke out of the downward channel. I believe this break was relatively small as we still needed to clear the trendline down from the candles around 17Oct07.

Re. the 50 fib support: I never use spikes to calculate fibs - always rely on opens/closes only - so on my reckoning I get:

Weekly: Low Close 1.5 (prior to break - was 1*1.4 close immediately prior to break up but I'm assuming this was slight false break down) to High Close 3.9 = 50 fib of 2.7c, 61.8 fib of 3.0c.

Daily: Low Close 1.5 (prior to break - was 1*1.4 close immediately prior to break up but I'm assuming this was slight false break down) to High Open 4.5 = 50 fib of 3.0c, 61.8 fib of 2.7c.

So I see the weekly 50 fib has held and the daily 50 fib has for all intents held IMO - assuming Friday was false break (note gap left at 2.8 to 2.9).