Price Action Confirming Fibonacci
It’s just past midway through the session.
The weekly chart of Russell 2000 IWM, is hovering at the first projection level … 23.6%.
Russell 2000, IWM, Weekly
We’ll get closer in, using the 4-Hour chart
Note how price action is oscillating about the 23.6%, level.
This type of behavior provides confirmation the market ‘respects’ that level.
Note in the weekly chart, there are no fewer than six weekly bars (including this week) that either had an open or close, near 23.6%.
As this post is being created, the market appears to be pivoting out and down from this area.
It may be on its way to lower levels (not advice not a recommendation).
Charts by StockCharts
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