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#118 (permalink)

02-26-2008, 04:43 PM

Gregory McLeod Gregory McLeod is offline

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Join Date: Sep 2007

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GBP/USD Triple test of 88.9% Fibonacci level

Quote:

Originally Posted by Blaiserboy

.707 is very common...

Please post a chart with a .707. I've posted a 88.9% example.

Here is a Daily chart of the GBP/USD. Price had a deep retrace exceeding the 78.6% retrace to the 88.9% level. This level was tested multiple times before Price moved higher.

Usually, early beginnings of a trend reversal have deep pull backs that can go as low as 100% of the initial wave 1 move.

We have a powerful close above a 10 day high breaking a multi-month down trend.

See the attached chart:

Attached Images

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