STI update
Leonardo Fibonacci was an important mathematician who was born in Italy around the year 1170. It is rumored that Fibonacci discovered the relationship of what are now referred to as Fibonacci numbers while studying the Great Pyramid of Giza in Egypt.
Fibonacci numbers are a sequence of numbers in which each successive number is the sum of the two previous numbers:
1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144, 233, 377, 610, etc.
These numbers possess an intriguing number of interrelationships, such as the fact that any given number is approximately 1.618 times the preceding number and any given number is approximately 0.618 times the following number.
Fibonacci Projection lines are used to predict potential levels of resistance and support. A minimum of three horizontal lines are drawn showing the projection levels in the market after a consolidation or retracement.
To calculate the Fibonacci Projection levels, you must identify three specific points in a market move:
A, the beginning of a move up or down, B and C.
In an uptrend, B is the highest point after A and
C is the lowest point after B.
In a downtrend, B is the lowest point after A, and
C the highest point after B.
The total market move between A and B is then calculated, and the levels of the lines are then set according to three different ratio figures, using C as a starting level.
STI have a over-extended run which I have been bullish since 20th July. For now , I think it is time to more cautious. Most of the time the market will NOT over-extend beyond 261% before a pull back. This is however , just my personal view.
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