Fibonacci extensions question
I know how to do your basic fib extension but certain situations have me confused. For example, say wave one is complete and I am looking for a target for wave 3. If wave 2 is a normal correction I Would set up my fib extension from swing low at wave 1’s start to swing high at end of wave 1 and then back down to the low at bottom of wave 1 but where I have trouble is if wave 2 is an expanded flat and the b wave of the correction passes the wave one top. Does the swing high stay at the end of wave 1 or does the b wave of the expanded flat correction become the new wave 1 top.
I have similar issues when finding the start of wave 1 after certain corrections. Say a major c wave ends and then corrects on a smaller timeframe with another abc or complex correction. Where should I actually start my wave count and starting point for my fib tool for the next wave 1. Do I start at the major wave c end or the smaller timeframe wave c or complex correction end? They don’t always line up. In running flats and expanded flats the short term correction can end above or below the major wave c end and the difference can be very significant.
I feel like this problem is very hard to write down clearly in words but it comes up very often and I always feel like my count is off. Any help or suggestions would be greatly appreciated.
I have similar issues when finding the start of wave 1 after certain corrections. Say a major c wave ends and then corrects on a smaller timeframe with another abc or complex correction. Where should I actually start my wave count and starting point for my fib tool for the next wave 1. Do I start at the major wave c end or the smaller timeframe wave c or complex correction end? They don’t always line up. In running flats and expanded flats the short term correction can end above or below the major wave c end and the difference can be very significant.
I feel like this problem is very hard to write down clearly in words but it comes up very often and I always feel like my count is off. Any help or suggestions would be greatly appreciated.
Look for areas of price consolidation that line up with the particular fib level you're using, just make sure to use stops and a consistent amount of risk
Emini Day Trading /
Daily Notes /
Forecast /
Economic Events /
Search /
Terms and Conditions /
Disclaimer /
Books /
Online Books /
Site Map /
Contact /
Privacy Policy /
Links /
About /
Day Trading Forum /
Investment Calculators /
Pivot Point Calculator /
Market Profile Generator /
Fibonacci Calculator /
Mailing List /
Advertise Here /
Articles /
Financial Terms /
Brokers /
Software /
Holidays /
Stock Split Calendar /
Mortgage Calculator /
Donate
Copyright © 2004-2023, MyPivots. All rights reserved.
Copyright © 2004-2023, MyPivots. All rights reserved.