Setup for SPY Fibonacci techniques with Clones.

30 Jun 2013

This chart contains Fibonacci retracements and wedges to forecast psychological areas of support or resistance. The first Fibonacci retracement is lined up with price action that touches multiples times on the retracement, thus this levels has higher probability of influencing price action in the future. I also utilized the technique of Sierpinski fractal triangle clones to identify possible support and resistances, the large clones are also lined with with the first fibonacci retracements. Here is website that explains further information about Leonardo Fibonacci tools investopedia.com/video/play/trading-with-the-golden-ratio/ If you zoom out, you can see that the highlighted cyan areas lines up very nicely with fibonacci lines.