AI
Saturday, November 09, 2013 6:32:36 PM
It's not just a previous resistance. It's the 50% retracement line off the high of the last spike. This is usually what creates resistance points and support levels. The 50% level is always super huge off the top of a spike representing the 100% level.
Last time it broke, we had a huge huge red candle, but found a fan line to support...
Until that broke, and we finally ended up at the 23.6% retracement level -- just as solid a support as the 50 off the 100 is/was. We never closed below it. And now we're confirmed over the 50% extension/retracement level again as of Friday during a pinch of a current support fan and that level.
Thing of beauty.
Last time it broke, we had a huge huge red candle, but found a fan line to support...
Until that broke, and we finally ended up at the 23.6% retracement level -- just as solid a support as the 50 off the 100 is/was. We never closed below it. And now we're confirmed over the 50% extension/retracement level again as of Friday during a pinch of a current support fan and that level.
Thing of beauty.
I can only provide my own speculation and theories. I am not qualified to offer any
investment advice. Everything I post is my own opinion. DO YOUR OWN DD!!!!!!!
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