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I would like to be sure I'm using Fib Nodes accurately. To do this,
I would like to use HGSI as an example.
On 1/24/00, a max price of $241.00 was reached. By 2/21/01, the
price had reached a low of $40.00. The stock still appears to be in
a downtrend.
To use Fib Nodes properly, do I use the current low of $40.00 as my
focus number, and evaluate the reaction highs going back to the
maximum price of $241.00 on 1/24/00? If I do this, I am able to
calculate resistance numbers, but a new reaction low is likely to
be made on a regular basis.
Or, do I use the high of $241.00 on 1/24/00 as a focus number, and
work back in time toward 1995, evaluating the raction lows? This
approach would seem to be of less value, since it provides support
numbers, and I am more interested in resistance numbers.
I appreciate the help anyone is able to provide.
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