Follow Price Action with Fibonacci Extensions - Pinball Style
Here I discuss how to play Fibonacci pinball with Apple. Fibonacci pinball is a sequence of fibonacci levels that are often seen in many instruments. Apple is currently showing a great example of this. Below I explain what I see; and how it can help provide targets as the instrument trends downward. After wave 5 completes I will show you how I will approach the next wave, so bookmark and stay tuned. It's crazy how accurate this method can be. It also has rules to know when a trade is invalidated and what to look for next.
current sequence: 5 wave impulse down, waves (1) and (2) are complete.
based on EW pinball, since wave i of (3) achieved a 32.2 -> 23.6 pullback, we can expect wave iii of 3 to extend to 100% extension of wave (1)
based on reaction of wave iii at 100% ext, look for resistance between 61.8% and 78.6% ext for wave iv of (3)
based on wave iii of 3 reaching 100%, we can expect wave v of 3 to reach 138.2 where it might turn up with an abc 3 wave correction.
be aware: wave iii of (3) can have alternate pattern which means all of the targets thereafter would have to be shifted an equal amount
if 3 wave correction is observed, look for wave (4) to complete between 78.6% and 100% extensions.
Wave (5) can begin and based on wave v of 3 reaching 138.2%, expect wave 5 to reach 176.4% at minimum.
to view wave (5) as complete, we would need to see a clear 3 or 5 wave move in the same degree; then reassess the sequence after the 3 or 5 up has completed.
current sequence: 5 wave impulse down, waves (1) and (2) are complete.
based on EW pinball, since wave i of (3) achieved a 32.2 -> 23.6 pullback, we can expect wave iii of 3 to extend to 100% extension of wave (1)
based on reaction of wave iii at 100% ext, look for resistance between 61.8% and 78.6% ext for wave iv of (3)
based on wave iii of 3 reaching 100%, we can expect wave v of 3 to reach 138.2 where it might turn up with an abc 3 wave correction.
be aware: wave iii of (3) can have alternate pattern which means all of the targets thereafter would have to be shifted an equal amount
if 3 wave correction is observed, look for wave (4) to complete between 78.6% and 100% extensions.
Wave (5) can begin and based on wave v of 3 reaching 138.2%, expect wave 5 to reach 176.4% at minimum.
to view wave (5) as complete, we would need to see a clear 3 or 5 wave move in the same degree; then reassess the sequence after the 3 or 5 up has completed.
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UPDATE: wave v of (3) ended one fib ext level before the abc retrace.
Therefore, we adjust the wave iv of 3 resistance zone to 100-123.6. If price reverses out of this zone to the downside, the most likely move down will be to the 200% ext around $150.00.
Watch for a sharp reversal for a good intermediate to long term trade. Stops will go beneath $150.00.
If a sharp reversal is not observed, a trade should not be taken.
Therefore, we adjust the wave iv of 3 resistance zone to 100-123.6. If price reverses out of this zone to the downside, the most likely move down will be to the 200% ext around $150.00.
Watch for a sharp reversal for a good intermediate to long term trade. Stops will go beneath $150.00.
If a sharp reversal is not observed, a trade should not be taken.
