2011-03-07-ES2618

/ES Fibonacci 261.8% Butterfly

Following the completion of the 161.8% move up from the summer (previous posts), the /ES gapped lower on Tuesday’s open following President’s Day. The first retracement up started after hours Tuesday to open at 61.8%(Red) Wednesday. This led to a 161.8%(Green) bar on the wick near the close that afternoon. The next retracement up came only to 38.2%(Gold) during the...

dwbstreet / March 8, 2011 / Uncategorized / 0 Comments

2011-03-07-ES786618

dwbstreet / March 8, 2011 / Uncategorized / 0 Comments

2011-03-03-ES786

dwbstreet / March 7, 2011 / Uncategorized / 0 Comments

2011-03-03-6181618

Convergence of Fibonacci 161.8% Retracement & 61.8% Extension

With the convergence of these two Fibonacci levels I had no doubt the market would turn lower following the action Friday, February 18. The 161.8% level up from the 38.6% retracement during the summer gave a strong inclination of the end of a move. Our friends over at ShadowTrader pointed out the 61.8% level of the Fibonacci Extension over a week prior to...

dwbstreet / March 7, 2011 / Uncategorized / 0 Comments

Phi (3of3)

Elliott, in his second monograph, used the title Nature’s Law — The Secret of the Universe in preference to “The Wave Principle” and applied it to all sorts of human activity. Elliott may have gone too far in saying that the Wave Principle was the secret of the universe, as nature appears to have created numerous forms and processes, not...

dwbstreet / March 6, 2011 / Uncategorized / 0 Comments

Phi (2of3)

Consider when reading such deep yet vague descriptions that these people could not clearly see what they sensed. They did not have graphs and the Wave Principle to make nature’s growth pattern manifest and were doing the best they could to describe an organizational principle that they discerned as shaping the natural world. If these ancient philosophers were right that...

dwbstreet / March 6, 2011 / Uncategorized / 0 Comments

Phi (1of3)

The value of this ubiquitous phenomenon was deeply understood and profoundly appreciated by the greatest intellects of the ages. History abounds with examples of exceptionally learned men who held a special fascination for this mathematical formulation. Pythagoras chose the five-pointed star, in which every segment is in golden ratio to the next smaller segment, as the symbol of his Order;...

dwbstreet / March 6, 2011 / Uncategorized / 0 Comments