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The German DAX this year provided students of the markets a textbook case study in the applicability of Fibonacci.
A 38.2% corrective retracement of the whole up leg, from the 2016 low to the January high of this year, was achieved on March 26th. The low of that session, the day the index snapped back, was 11726.6, the Fibonacci 38.2% retracement stood at 11726.01, near perfection!
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Of course, there are deeper downside retracement levels which could still be visited in the weeks ahead should the correction muscle back. Next week we shall delve again into this chart, seeking further technical clues, ascertaining as to whether the correction is over or not.
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Tarquin’s academic background involved a bachelor’s degree in Ecology from Lancaster University in the U.K. That subject, coupled to a fascination with financial market pricing, fostered a unique and innovative approach to analyzing the market ecosystem, an entity he considers to be just a technological manifestation of nature. To harness ideas, he studied further, a Graduate Degree in Software Engineering at Kingston University, London, where he achieved a Distinction. He then achieved another distinction, in the U.K.’s Society of Technical Analysts Diploma, studied at the London School of Economics. Tarquin also runs Chartscholar.com a trading opportunity service for institutional and professional traders.