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Message: Re: Fib Chart
The stock was overbought at 1.57. Too many people got caught up in the hysteria. You can't conclusively say a retracement is not good because it is inevitable - it's just the way the markets works. I think we were caught off guard when the stock corrected itself, but you should also factor in some very extenuating market conditions at the time too (sub-prime, ABCP).Fibonacci Lines are not scientific but only a prediction based on a particular ratio that is common to many relationships in the universe. Whether they hold any mathematical value or not is beside the point for me, but the fact is traders and MMs are influenced by the numbers.
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