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Fibonacci applications and strategies for traders Chapter 6

Chapter 6 Multiple Fibonacci price targets. By combining parts of the Elliott concept with Fibonacci ratios, we tried to improve the overall investment approach. Historical intraday, daily, weekly, and/ or monthly charts were used to identify different elements | 94 WORKING WITH EXTENSIONS Extensions happen in run-away markets. It is not possible to know in advance when they will occur. They are exuberant price moves which happen when investors or speculators get caught by surprise. Unexpected economic data crop reports storage figures or extreme weather forecasts can cause fast markets with gap openings and limit moves. Fear and greed combined with stop orders might increase the volatility of a market. The price goals can be calculated with the Fibonacci ratio 1.618. Investing into extensions is difficult because positions are contrary to the market trend. Extensions and retracements are part of the overall Elliott Fibonacci concept. If both turn at the same point it can be considered a safer investment. 6 Multiple Fibonacci Price Targets The previous chapters have tried to show that the precalculated price targets based on the 5-wave pattern are a good indication of where the trend will change. But there are also times when prices overshoot or do not reach the price goals. COMBINING DAILY 5-WAVE PATTERNS AND WEEKLY CORRECTIONS By combining parts of the Elliott concept with Fibonacci ratios we tried to improve the overall investment approach. Historical intraday daily weekly and or monthly charts were used to identify different elements of the wave patterns and the Fibonacci ratios. Using daily and weekly charts this chapter will analyze the combination of Elliott and Fibonacci applied to The 5-wave pattern Extensions and Corrections. 95 96 MULTIPLE FIBONACCI PRICE TARGETS Integrating Time Spans Elliott recognized the importance of integrating different time spans when he wrote In fast markets the daily range is essential and the hourly useful if not always essential. On the contrary when the daily range becomes obscure due to slow speed and long duration of the waves condensation into weekly range clarifies p. 139 . Figure 6-1 shows the integration of hourly daily and weekly data Elliott p. 147 . Figure 6-1 Dow Jones .