If this rally is going to find fib resistance, there are two concurrent strikes happening here.
If this is an a-b-c (in blue), there should be a relationship between blue a and blue c, and we’re at the 1.618 extension of c from a now:
And furthermore, within blue c, there should be a relationship between the orange 1 and orange 5 that compose blue c, and—also here—orange 5 = 38.2% of orange 1:
So if it’s going to take a breather, this is one logical place for it to do so.
These are the fibs I have been striving for. I was hoping to see them strike in the cash session, but maybe this is good enough to do it here overnight. We were close in cash, and we’re now there outright in futures.
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