This might be of interest to you as either an additional tool for an existing trade strategy you may be uisng or it may help toward the devlopment of a new startegy for you.
We notice that today's high in the silver futures touched just slightly above the .618 fibonacci retracment level of the recent high to low (downwave). On this chart we have also includeded the retracement levels from the larger downward move that lasted from March of 2008 to late October of 2008 where the retracement high of that large downwave stopped at or near the .618 retracement level. Perhaps the "golden ratio" holds some significance in this market.
Many traders utilize fibonacci numbers and ratios as part of their trading program.
If you should have a question, comment or an answer we'd love to hear from you.
jmajer@mfglobal.com
Futures and options trading contain substantial risk of loss and may not be suitable for all investors.
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