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How a Fibonacci Cluster Showed an Important Resistance Level in Gold
May 5, 2013 12:01 amVideo
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If you use Elliott in your technical analysis, you may already use Fibonacci ratios to determine targets and retracement levels in your charts.
But have you heard of “Fibonacci Clusters?”
Elliott Wave Junctures editor Jeffrey Kennedy shares
his charts to illustrate this technique, which he recently
used to identify a critical turning point in Gold. The following
lesson is adapted from his March 26 video. Get more lessons
from Jeffrey in the free report, 6 Lessons to Help
You Spot Trading Opportunities in Any Market.
Kennedy covers other examples to explain how slingshots, reverse divergence and positive/negative reversals highlight the same momentum signature:
In subsequent days, Gold prices fell to below $1550.
Learn How You Can Use Fibonacci to Improve Your Trading
If you’d like to learn more about Fibonacci and how
to apply it to your trading strategy, download the entire
14-page free eBook, How You Can Use Fibonacci
to Improve Your Trading.
EWI Senior Tutorial Instructor Wayne Gorman explains:
See how easy it is to use Fibonacci in your trading. Download your free eBook today >>
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