The collision of global markets and social mood

Monday, September 8, 2014

Fibonacci Calling

There is a weekly 61.8% Fib extension target that has been repeatedly cited here at 2014.18.

There is now a daily/intraday 61.8% Fib extension target from the 1904.78 lows targeting 2014.90.

There is a daily 100% Fib extension target at 2028.03 coinciding with an intraday 100% Fib extension target at 2030.22.

Just above, there are two 100% Fib extension targets separated by several months that share the same target within six ticks -- 2018.75 and 2081.81.

It appears Leonardo may be trying to get out attention at this juncture. These targets will likely coincide with intense euphoria over the upcoming Alibaba IPO.

This means that it may finally be time for me to start building a large position with a downside bias.

The Alibaba IPO values the company at $155-160 billion. Reuters has reported that 80% of the company's revenue comes "from prepaid phone and game cards as well as lottery tickets, home furniture and baby products."

I must say I like the odds of this record-setting IPO marking a significant, sellable high in the market.

No comments:

Post a Comment