Ignis Petroleum Group (IGPG)

[cottonmather]

Here is a graphic explanation of what I was talking about earlier in the anchor post to which I am currently responding..... concerning Fib counts in IGPG. It also keeps the board active -



Elementary Fib numbers are 1, 2, 3, 5, and 8. In the chart you can see extreme price print geography in counts of these numbers in ascending http://chartpatterns.com/ascendingtriangles.htm and symmetrical triangles http://chartpatterns.com/symmetricaltriangles.htm . Far more often than not, Fib numbers will signal when a price breakout will occur. These counts are most often in the 3 position but can be 5 or 8. The examples in the links all offer 3 as the breakout Fib number.

As seen in the IGPG chart above, the current Fib number count is 3 in both the bull type ascending and descending triangles found in the 60 minute chart. This does not necessarily mean price will immediately breakout from here, only that price is unlikely to further retreat from that 3 low price elevation. It remains to be seen exactly which Fib number will promote the breakout, although it may already have. Breakouts in these formations almost always breakout at an elementary Fib number. Too, be careful to analyze which triangle and if it is bearish or bullish. Starting points are different. Study them at the given links.

The daily chart is affording a symmetrical triangle.



The same points and Fib numbers are found in the daily chart reinforcing the probability mentioned above.

We could use time-goal-dating (another Fibonnaci technique) to determine a future date when a breakout will occur but we tend to have a good idea when that is. However, there are near term price targets that can be calculated using the information stated above.

The 60 minute gold target is approximately .012

The 60 minute lavender target is approximately .018

Keep in mind these are near term targets and I do make errors.

Fibonnaci was a 15th century mathematician. Amazing how his stuff works today. There are dozens of books on his work and applications from everything from all the pyramids on the planet, to wildlife and plant life, to the stock market. He has found some incredible math and all encompassing ratios belonging to the structure of most everything in the universe.

Have a nice weekend