I know – the title sounds… less than fun… but for those of you interested in learning intraday Fibonacci methods, today gave a great example of both the Retracement and Projection concept, and I wanted to share that lesson with you.
Let’s take a look at the SPY intraday chart (5-min) for December 28th:
Today’s trading activity gave a great opportunity for me to discuss intraday Fibonacci and how it can be useful for uncovering support and resistance levels that others might not be seeing. Let’s take a look at two dominant Fibonacci grids that were very helpful in guiding today’s trading session.
Today’s intraday price action gave me a chance to show you two specific Fibonacci Retracement grid examples of how to use the “Fibonacci Retracement” tool to find potential trade entries or reversals in price. Let’s take a look at them and learn how to use this tool.
Let’s take a look at the current long-term Monthly and Weekly structure of the NASDAQ index to note key levels of overhead resistance which, if broken, will open clear skies ahead for price.
Thank you to all who request analysis on India’s “Nifty 50” stock index. Here’s the latest quick update on both the weekly and daily frame. Even for those who don’t follow the Nifty, you can learn insights from my presentation of two weekly and daily Fibonacci retracement examples.
Potash (POT) was a major “go-go” stock of 2007 and part of 2008 as it helped investors ride up the commodity market ‘boom,’ but the crash was severe in the latter part of 2008, erasing almost all of the prior gains.
We’ve rallied sharply in 2009, but as you’ll see from the chart, the recent 70% rally from the late 2008 lows into the June 2009 highs was only able to reach the 38.2% Fibonacci retracement price of the entire down-move, which provided major resistance there. Let’s take a look at both of these examples.
A reader brought to my attention from my last “Chart Art Arc” post on Intel (INTC) that price also reflects a large-scale 50% Fibonacci Retracement. He’s right, but I also wanted to show a second important Fibonacci Confluence at the $20.00 price level that also adds an interesting twist to the price chart. Let’s take a look:
This is something I haven’t heard anywhere else yet – with everyone focused on the S&P 500 Head and Shoulders, people have let this fact slip them by: The NASDAQ Index is coming into confluence resistance via the 200 month SMA and the 38.2% Fibonacci Retracement. Let’s take a look:
I wanted to do a quick update and highlight the 60-minute SP500 intraday chart from the March lows to the June highs and overlay four Fibonacci grids over this move to uncover the hidden confluence zones. Doing so allows us to see why the recent break beneath 880 could be significant.
Per multiple reader request (thank you to all my followers in India!), I am updating my analysis on India’s “Nifty 50” Index, beginning this week with the long-term 10-year Monthly Structure.
Let’s take a quick look at a possible large-scale Elliott Wave count and also a Fibonacci Confluence (three price levels) chart on the monthly timeframe – a key turning point may be ahead soon.