Wednesday, January 13, 2010 8:57:25 PM
1. Fibonacci Retracements
Fibonacci retracements use horizontal lines to indicate areas of support or resistance. They are calculated by first locating the high and low of the chart. Then five lines are drawn: the first at 100% (the high on the chart), the second at 61.8%, the third at 50%, the fourth at 38.2%, and the last one at 0% (the low on the chart). After a significant price movement up or down, the new support and resistance levels are often at or near these lines. Take a look at the chart below, which illustrates some retracements:
Maybe I'm missing something here but this looks like I marked pretty close to the high and the low of the chart. Hell, My lines pretty much mach up with the lines from your chart.
Be it as it may, we will see the gap filled.
Sorry that my opinion pisses you off!
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