The pros are not able to use the past behavior on this one because there aren't enough data points so that why I think they are navigating using stuff like Fib levels.
Yesterday. I wanted to see what they were doing vizavi the C-D leg so I drew a Fib splay on that basis. Today, with it settling down volume wise, and after a stab at taking it down that failed this AM at the open, I decided to run a Fib splay off of the entire ABCD, which means I use .182 as the low end and .717 as the high.
Guess what?
Using that splay, you get a picture of it that shows them using a 382 of .5133 and the .50 retrace is at .4495.
So basicly, what the pros did this AM was thay took it as far as they could, to judge by the tail on the low bar of .442, which is pretty much spot on as far as Fib level based trading goes.
So all they could manage was a 50% Fib retrace, which means that they failed to get it to fail. And anyway, after they failed, which happened in the first 15 minute with 362,999 vol, the buyers took back control and the next 15 minutes saw it climb to about where we now sit , on a bigger vol of 517,082 bought.
To sum it up then, they tried a 15 minute attack that failed at the 50% retrace and then more buy side vol hit them and we sit where a staging mechanism would logically be: at the 382.
Like I believe in Fibs, LOL. But even though that is often just gobbledygoop, I have decided that, with no past history to provide them a roadmap with which to trade, they are navigating using Fib levels.
We thus have a picture of there being more buyers at this level than there were in the deliberate takedown attempt.
And remember the 382 is .5133, so at .51 (which is where we sit), we are basicly working the 382 retrace line.
I think we did well.
Imperial Whazoo
"Just my opinions, folks. Do your own due diligence & make your own decisions. DO NOT... I repeat... DO NOT make any investment decisions on my comments. They are my opinions. That's all they are... OPINIONS."
