Monday, April 1, 2013

Fibonacci Ticks 233-6765

The 233 Tick chart entered New York market hours with a reversal from a short term negative reading on the Double Stochastics. Price accelerated up and set a new high. This was followed by an extremely fast move down through the Double Moving Averages. A small retracement followed that came into the MA's from below on the long term Tick charts. Failure at those levels took the market to new lows. There was a bounce around lunch that took price above the MA's on the shorter term Tick charts, but failed to rise above on the 2584 Tick interval and above. A Fibonacci Fan anchored at the 1535 low was able to hold the lows, despite a breach, into the close.