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Soultrader

Daily Charts Analysis

By Soultrader, in Technical Analysis

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Soultrader    12

Soultrader
Posted

The YM looks fairly bullish ever since the break of the 11400 mark. We could see a lift towards the early May high at 11872. This is another 200 points from where price closed on Friday.

 

The question is what will happen if price breks the early May high. There are a couple ways to estimate the next target level. One method is using fibonacci extension lines. In the second attachment, I took the May high to the July low and drew a couple fib extension lines.

 

The next target would be the 1.272 fib extension ratio at 12158. The target after that would be the 1.382 fib extension ratio at 12273.

091906daily.jpg.c906eec235a560f8ee8eea32bae4942e.jpg

091906fibextensions.jpg.ffcbb39e15c7d9d65f0cae26016c6dcf.jpg

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