Would you believe the 23.6% Fib level?
Would you believe it traveled 59 points from the O% to 23.6% level and closed
within .29 cents of the Fib level?
Fibonacci levels are great for estimating price moves and help to define support and resistance areas.
The toughest thing about fibonaccis like this is that one must be diligent about
redrawing these fibs every time a new low is put in. It can be time consuming, but
if this is your job (like it is mine), the paycheck you receive for nailing one of these moves is well worth the effort.
Three cheers for Fibonacci!
NDX 20 Day / 60 Minute Chart:
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