EWT and Fibs

KI
i dont think i answered your question....dohhhh
Its not really used to forecast but it can with Elliotts waves.
example.
wave 1 moved 100 points then wave 2 retraced 40 points so now you now know roughly that wave 3 will move equal to 100 points from the bottom of wave 2 so go to 160 at least the minimum.(100% full fib extensions)assuming that wave 5 is going to be smaller as wave 3 cannot be the smallest.
so again its down to your style of trading.

its definately not looking to confirm where a price has been.
remember in the video i talk about hindsite trading in the beginning.
Fib extensions are not hindsite trading. Its used to determin resistance and supports level conventionally

i hope that makes sense
remo

The normal way of doing the fibs assumes that the price does not go lower than the area you took the fib reading from. If it does go lower then you have to redo your fib calculations. thats why it should be used from a known high and a known low a bit like the 123 low or 123 high.

back to my beer
remo

Got to go, will look again in the morning, but thanks anyway remo.

Hi, i've posted this months ago on CV and probably most of you already have it but reposting here will make it available for all new members who wants to learn about EWT

Elliot wave
www.acrotec.com/ebooks/elliottwave_en.pdf

Fibonacci trading
www.acrotec.com/ebooks/fibonacci_en.pdf

MRA4 wrote: Ki, you can see where the next Resistances or supports are by using the Fib Extensions, the dow video bit towards the end shows where the next resitances will be eg. 14000 & 17000 at the 161.8% fib extension.

Remo

Morning Remo, i have had another look at your video, mainly the end part of the dow chart. You seem to draw from the bottom (not numbered, but assume its zero) up to top of wave 5 then down to large no 2, then you show your fibbo.

The bit that throws me is that this fibbo then shows 61% at circa 14500 and 100% at circa 17000. My questions are....1) are the fibbo`s in the right place. And 2) if you feel they are correct are you expecting the dow to hit 17000 anytime soon.Thanks for your patience. KI.

Hi KI
Just read jackozy great post as that should help in understanding the fibs with regards to Elliots.
The dow chart ive done is assuming were in wave 3 still so that projection is for the wave 3.
Elliot can get real tricky so bear that in mind as there always an alternative count.
Just remember that the projection is assuming we are in wave 3 and nothing else. So that could all be wrong if we go below the level 2.
remo