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Originally Posted by Soul-Trader2004
to point one - i'm here (think about it)
to point 2 - you said something about 212% levels or some weird number?? - thats what i meant - i never took any notice of anything further than the 161
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I got you now. Its
261.8%. Markets most often correct at 161.8% and never look back. The move basically ends there.
But in many, many cases, after a correction, the 161.8% is retested, attacked and exceeded. When this happens and especially when, after retesting, this level then becomes support, it is almost certain the market will head to 261.8%.
It gets worse. I even use the 423.6% extension level.
All timeframes.