CHARTS_CCI_SYSTEM

[861DH]

Re: Tony's 1779

Few Elliottians realized that: “R. N. Elliott's analysis of the mathematical properties of waves and patterns eventually led him to conclude that "The Fibonacci Summation Series is the basis of The Wave Principle.”. [ Fibonacci relationships http://en.wikipedia.org/wiki/Elliott_wave_principle ]
The Elliott wave theory is a branch of pattern recognition, a generic heuristic search process. When a search pattern is projected (proposed), it extrapolates the possible terminal points according to:
(1) terminal point of the pattern, such as the apex of a diagonal
(2) Fibonacci points.
However, Fibonacci projection usually comes out multiple points. So, to zoom in the target, the hunting efforts needs to work with other TA together. such as P&F, cycle, trend line ... etc.

In this particular case
1779 is the equal distance for the wave set [ (666.79->1370.58), 1074.77, 1.000]
1778.56 = 1074.77 + 1.000 * ( 1370.58 – 666.79). refer to this chart
Now, consider that 0.786 .. 1.236 could be the outcome too.

Using the same method, Friday’s high (1680.19 on 07/12) can be realized by wave set [ (1266.74->1474.51), 1343.35, 1.618], thus:
1679.52 = 1343.35 + 1.618 * (1474.51 – 1266.74)