Looks like the reversal happened even sooner than I thought. But don't think it isn't possible for it to still bounce off a lower fib before the penetration tonight. The green dots are pointing out the outside bars. The last 3 reversals including the one that just occured were initiated with an outside bar. The red dot indicates an outside bar that hit major fib support, and didn't follow through; it's not perfect.
An outside bar occurs when the range of a bar has a lower low, and a higher high than the preceding bar. Basically an engulfing candle if we were looking at candlesticks.
Last edited by professorx; 11-30-2006 at 07:01 PM.
Reason: added the chart.
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