Another beautiful little Fib setup. if you measure the distance of AB, that distance will equal what I drew as CD. This is what you are looking for. The level here at D ($11.30-$11.40) is also the 50% rertracement from the drop at the end of last year.
I always like to use the 1.618 extension, however, JCP retraced to the 50% level (not the 38.2% level) in this case.
I always like to use the 1.618 extension, however, JCP retraced to the 50% level (not the 38.2% level) in this case.