I've done this in the past and has proven useful..I've put a set of fibs using a targeted low....604 (may 06 high) in this case....then look for confluence with the fib set on the regular high and low. Friday's high just may have been the top of what I'm calling a B wave. If it wasn't opex week...maybe I'd lean towards the short side instead of sitting on the fence....I would much rather we got closer to the .618 retrace anyways. Don't get dizzy with all the lines here...you can make channels and wedges picking and choosing.
I like 1417 spx this week...if we don't gap and go south Monday....if 1417spx ends up being the top of a b wave....C=A at the May 06 high. fwiw.
http://stockcharts.com/c-sc/sc?s=$OEX&p=15&yr=0&mn=2&dy=27&i=p72126667227&a=89308538&r=7118.png
Edited by Teaparty, 11 March 2007 - 12:09 PM.
