While I have spent most of my adult years doing EW, my two cents on this Fibonacci myth in markets:

Someone made the idea popular that a woman with 36-26-36 statistics is beautiful. But that doesn't mean every beautiful woman has such statistics. It also doesn't mean that to be beautiful every woman must aspire for and achieve these stats.

And then its euologised so well through ages, that beauty is in the eye of the beholder.

If I will sound more convincing that the quantum cat is dead or alive based on the process of observation, then let me tuck in a more intelligent sounding line.

However, if I can get away in making my point in sharing a joke, then here it is:

Once upon a time not so long ago, the favourite dog of the Superintendent of Police of Gurgaon (now a well developed city in India) got misplaced. The senior cop was furious, after all its my dog and how can and where can he lose itself? As the sun rose higher into the sky and morning turned into noon, there was near pandemonium in the police force in Gurugram that the favourite dog of the Superintendent must be found, right away. The force divided itself into smaller units and went about the whole town hunting for the Superintdent's dog. No one could find a trace. As Sun grew mellower and began pulling itself closer to the other horizon a bright idea struck the minds of one of the junior officers. He whispered in the ears of his senior who whispered it in the ears of his senior. The plan was finalized.

The force returned back before sunset before the Superintendent with a monkey. They told the superintendent here is your dog! The Superintedent boiled up and screamed this is not my dog it is just a monkey.

The force asked the Superintendent, "Sir, this definitely is your dog. Ask him!"

Superintendent locked eyes with the monkey. The poor monkey nearly came to cries and pleaded "Sir, I have accepted I am your dog and I request you to accept this too. Since if you don't sir, I am going to be beaten so badly again that I shall be everyone's dog."

Gary Phillips writes: 

Are you disagreeing with me, or the chart?

Because doesn't your story offer proof?

I have accepted I am your dog and I request you to accept this too.

If the watchers accept that level as support, won't those watching the watchers accept it too?

It may be a monkey, but it also may be self-fulfilling prophecy?





Speak your mind

2 Comments so far

  1. Jay Pasch on March 19, 2020 10:59 am

    If you don’t pay attention to those retracement levels then you stand a good chance of having a Schiff Pitchfork run up your hinder.

  2. Jay Pasch on March 19, 2020 11:18 am


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