Setting target with the Golden Ratio for SPX

This is a discussion on Setting target with the Golden Ratio for SPX within the Technical Analysis forums, part of the Methods category; I am new to this forum, this is my very first post, hope yall enjoy! Here is what i think ...

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Old Jun 27, 2011, 7:46am   #1
Joined Jun 2011
Thumbs up Setting target with the Golden Ratio for SPX

I am new to this forum, this is my very first post, hope yall enjoy!

Here is what i think is the market is positioning...
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Old Jun 27, 2011, 7:53am   #2
 
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Re: Setting target with the Golden Ratio for SPX

ah, i see, so what you're really trying to say is that previous Resistance will become Support ?
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Old Jun 27, 2011, 9:22am   #3
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Thumbs up Re: Setting target with the Golden Ratio for SPX

alpbeta started this thread thx for the reply!
actually, i created these chart a week ago, so the data is a bit behind
to your question, not really, b/c this is all about using elliott wave and the golden ratio (0.618) to project the downside target. there is nothing to do with support/resistance.
to me, price extreme and price motion is more important than support/resistance.
though, according to EW, wave 4 correction never overlapped wave 1's territory, which is 1220.
so it is reasonable that wave 1's top will be the support, or this whole idea fail.

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Originally Posted by rathcoole_exile View Post
ah, i see, so what you're really trying to say is that previous Resistance will become Support ?
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Old Jun 27, 2011, 9:46am   #4
 
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Re: Setting target with the Golden Ratio for SPX

sorry, i was being a bit naughty and sarcastic, 'cos I just look at a chart without any of that stuff you mentioned, and just see the obvious.
but if it works for you, more power to you .....
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