I know it's so simple you can't believe it! Is it magic? Is the Devil running the Stock Market!?!
Nope, what you're seeing is the all-pervasive 50% Principle in action!
investopedia.com/terms/f/fiftypercentprinciple.asp
"It states that if an asset drops after a price increase, it will lose between 50% and 67% of recent price gains before rebounding. "
So over any given range, the retrace will test the thirds for support and resistance. NQ counts in the thousands so xx666.00! You'll see similar across smaller TFs and ranges as well using 33.34% and 66.67% retraces.
Nope, what you're seeing is the all-pervasive 50% Principle in action!
investopedia.com/terms/f/fiftypercentprinciple.asp
"It states that if an asset drops after a price increase, it will lose between 50% and 67% of recent price gains before rebounding. "
So over any given range, the retrace will test the thirds for support and resistance. NQ counts in the thousands so xx666.00! You'll see similar across smaller TFs and ranges as well using 33.34% and 66.67% retraces.
Nota
Here's with the XX333 added, same ruleNota
333 tends to be a bull retrace support and bearish extension resistance666 tends to be a bear retrace support and bull extension ressitance
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.