Post COVID Bull Market Fib Confluences
So as i was getting prepped for my weekly video i created this chart and figured i'd share. It's a fib analysis our entire posrt COVID bull market mainly focusing on major pivot lows and the top we printed a few weeks ago. The rectangles and fib confluence zones, or zones in which one could expect to find support based on the Fibonacci sequence. I mainly focused on .618 retracements as well as 1.618+ extensions. We've already found our way through one of them labeled in red, and Friday had wicked the second zone labeled in yellow. The first level was our first real support area before losing it last week. Fib wise it consisted of three .382's, a .5, and a .618. The one we're currently bouncing from consists of two .5's, one .618, and a .786. This chart is not suggesting a retest of the COVID lows, just a pure analysis of the fibs i have on the chart.
Normally i add the addition of trend based fibs and work of off the intraday timeframes as well, but for ease of use this is only fib retracements and their subsequent extensions form major pivot lows to the top printed 09/02.
Obviously this is to be used with other forms of technical analysis including volume profile and just standard price action analysis including support/resistance. More often than not you'll find that they all have a tendency to land at or near the same levels. If you're not familiar with the fiboonacci sequence or do not implement it into your day to day work cycle i highly recommend it.
Normally i add the addition of trend based fibs and work of off the intraday timeframes as well, but for ease of use this is only fib retracements and their subsequent extensions form major pivot lows to the top printed 09/02.
Obviously this is to be used with other forms of technical analysis including volume profile and just standard price action analysis including support/resistance. More often than not you'll find that they all have a tendency to land at or near the same levels. If you're not familiar with the fiboonacci sequence or do not implement it into your day to day work cycle i highly recommend it.
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