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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex

* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
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* From time to time, I will add updated market information and charts to some of my articles, so it's worth checking back here occasionally for the latest analyses.

DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...please read my full Disclaimer at this link.


* If the dots don't connect, gather more dots until they do...or, just follow the $$$...

Art Deco Xmas Lady

Art Deco Xmas Lady



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Saturday, June 04, 2011

The Really Big Picture...YM, ES, NQ & TF...

Should considerable weakness come into the markets over the ensuing weeks, I've shown a couple of Fibonacci retracements on the YM, ES, NQ & TF Weekly charts as shown in the chartgrid below.

As can be noted, a retracement of 23.6% (taken from the March 2009 lows to the May 2011 highs) would fall in between a 38.2-50% retracement (taken from the July 2010 lows to the May 2011 highs)...forming a Fibonacci confluence zone. At the moment, this 23.6% level roughly co-incides with the rising 50sma (red).

A 23.6% Fib retracement would result in an approximate 12% correction for YM & ES, 14% for NQ, and 14.4% for TF from the May 2011 highs to the following price levels:
YM = 11360
ES = 1206.25
NQ = 2095
TF = 746.80