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Three simple equations to establish logical profit objectives, where A, B and C (Figures 1a and 1b) are specific points in a market move. The first objective is the contracted objective point (COP). It utilizes the Fibonacci ratio 0.618:
COP = 0.618(B-A)+C
The second objective is the objective point (OP), which uses the Fibonacci ratio 1.0:
OP = b-A+C
The third objective is the expanded objective point (XOP), which uses the Fibonacci ratio 1.618.
XOP = 1.618(B-A)+C
This simple set of equations has allow me to calculate the major turning points in a variety of markets – days, weeks, sometimes months ahead.
In Figure 1A, point A marks the beginning of a down move, B marks the lowest low of that move and C marks the highest high following B.
In Figure 1B, point A marks the beginning of an up move, B marks the highest high of that move and C marks the lowest low following point B.
Once all three point have been located on a bar cart, their respective values can be entered into the equations, and all three profit objective can be quickly determined...