Below is an ES daily chart. As mentioned in past posts, the right, blue arrow is an extension of the left arrow. In this case you see the 100% and 127.2% levels labeled in light gray and orange. The bottom red arrow was drawn from low pivot to low pivot. Making a copy of this arrow (staying parallel and same length) and dragging it to the top pivot, it pointed to the exact day we would hit the 100% level. Amazing!
Taking it one step further, we look at fib time. Taking a fib time extension of the top red arrow, we have the vertical 1.272 time line and the 1.272 price level. Where these two lines cross gives an estimate of when to expect price to get there (blue arrow is pointing at this cross. Very accurate!
Looking forward, if we rally from here, the next target is 995 sometime in the middle of June (See blue arrow pointing to the 1.618 levels crossing).
What if we fall instead? Using the same technique as above, below are the below targets. Again, both red arrows are the same length and are parallel.
What if we throw a pitchfork on there? Right in line. Keep in mind these future fib dates don't take into account weekends or holidays, so they will become more accurate as time goes on.
We are not market predictors, but market reactors. Plan scenarios on where the market could go and be ready to react.
Good Hunting!
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