The week that was. I made seventeen trades with four stop outs. The market started the week at 5964 a two year high and ended the week at 5833, a 131 point drop. Made the two year high on the Tuesday retraced to volume point of control (VPOC) of a profile going back to the 10th. Of April shown on the 30min chart which was the last high. Then made a trouble top the following day before rotating down to a high volume node at 5893, before dropping further to the previous balance low. Before retracing back to the high volume node before dropping again.
The 60 min chart shows the Fibonacci extensions the first move was to the 161.80% fib. Balancing between the 127%.20% and the 161.80%
Came back to the balance before descending to the 261.80% an area where I will look for some retrace a 38.20% retrace or 61.8
The S&P 500 move up to the currant balance area follows a similar pattern as the market moved up a new balance area to the 161.80% fib. Moreover, notice it is the high volume node on the profile. The initial drive up retraced at the 127.20% fib.
My chart for the 10 of January shows a good example of the Fibonacci extensions being used for a target in a high volatility environment, the target was hit on the 12th. of January