walk the line wednesday., page-20

Hi Pauley.

I though my comment about support being near-by would be self evident for anybody looking at my chart.

I guess it's then a matter of opinion whether that level is near-by or not.

That support level is just 0.84% below yesterday's close. Given that the market can easily move 1% in a day - that makes the horizontal support I've market "near-by". Of course that's a matter of opinion - subjective.

By the way - I don't look at fibs. Generally if a fib "works" it is at or very close to a support/resistance level. Fibs - to my mind - are in the realm of "magic numbers" - whereas support/resistance levels provide an insight into the psychology of traders at points in time.

Note that the fib level you quote is very close to the support level on the chart.

Of course - fibs might work. To each his/her own. But I don't look at them.

Redbacka