50% In Price + 50% In Time
This is a weekly chart of the SP500 from the October, 2007 high. I used the Retracement tool in the Fibonacci ebook software to make this chart. The 50% in Time is one bar off.
Please note that Robert Prechter issued a special interim report this afternoon showing the Dow doing the same 50% retracement in price and time on an intraday basis – to even more exacting standards. 50% is a very well known retracement level, although most people never consider it for Time projections (their loss). WD Gann said that “When Price and Time come together a change in trend occurs”. Longer term traders can wait for confirmation. We discussed a simple method in an earlier chart. Index Reversal Traders should have their antennae waving in the air. An emailer asked what is the best Fibonacci trading book?
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