Registered User
Joined: 3/5/2005
Posts: 10
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If you're interested in Fibonacci patterns, the Naz' and Industrials, amongst others look to have further downside. The Nasdaq Composite would put in solid price and time symmetry around the 1925 level, or another 2.5%. Below that is a pretty big air pocket down to a support zone btw 1850 - 1872. They don't always work of course, as nothing does, except MM (money mgt.), but I am a firm believer in respecting these Fibonacci patterns, as they do typically, play themselves out into their targeted zones. It will be pointed out that we are in a support zone in the Naz', but this is without the benefit of the larger pattern or strong time symmetry. What that means is that we can probably expect some type of bottom feeding by reversal players down to the 1965 area, but I wouldn't go beyond playing this game on the intraday time frame. They will make you feel like you are missing out, as usual, but the real swing opportunity should come in at lower levels. At this juncture, if you're not already short, and profitable on a portion, my advice would be to tread very lightly til you see the whites of their eyes, and then the horns might stand a chance at a playable low.
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