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Stock Market and Gold Fibonacci relationsh​ips

Stock-Markets / Stock Markets 2012 Jul 28, 2012 - 03:17 PM GMT

By: Anthony_Cherniawski

Stock-Markets

In the last two days I talked about Fibonacci relationships in the Elliott Wave structure.  Generally, in an impulsive (5-wave) move where wave [iii] is the largest, then wave [v] is often equal to wave [i], or some other Fibonacci relationship may apply.  This morning I gave it my best shot, suggesting that wave [v] would be equal to wave [i] at 136.75.  Actually, my calculation was off.  The correct target was 136.52.  Not enough coffee, perhaps.


Neither of them apply, however.  At the current high, wave  [v] is a Fibonacci 1.886 times the length of [i].  It could stretch a little more to 2 times, but time is running out.  This extra kick higher will end badly by today’s close.  We still have 12.9 calendar days or 8.6 trading days to dive into a deep wave (3) and Master Cycle low.

Here’s another Fibonacci relationship that is just appearing on the scene.  This (A) - triangle (B) – (C) pattern has yet another anomaly.  Generally in an a-b-c, wave c is generally equal to wave a, or some Fibonacci relationship.  In this case, wave (C) is a Fibonacci 50% of wave (A).  Its progress was stopped by the upper Head & Shoulders neckline just under 158.00.

In this case, it appears that Primary wave [C] of Cycle wave I is ready to go.  What I still find fascinating is that the 50-day moving average did a better job of defining the triangle pattern than the upper trendline!

That’s all for now.

Tony

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