EWT and Fibs

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MRA4

simple answer to your question is..
Nothing like it.

If you look on the learning tab under Type of charts then point and figure charts
I actually attempt to explain how to do point and figure targets.
hope that helps.
with regards to the fib extensions. Theres different ways to do this. using elliots or conventional???
Conventional is done by taking a low to a high then projecting the fib from the pull back.

Ill do a quick video for you latter on GKP.
remo

oh..My chart got in the way of my question i have,
Question is, is the target you get by doing a fib extensions anything like a Point & figure target????

Much appreciated for explaining Jackozy & Remo, to be honest i have found this a hard one to figure out???
how you do this in the real world was not easy for me & I had a go myself, for the example on GKP, i did it by clicking on the fib extension icon on the weekly chart, then 4.5p & extended this to 202.75 then back down to 87p which gave the result of 161.8% extension 410ish, see my chart a did
picasaweb.google.com/1134289376813146303.../5803993404750169970

I think maybe a short video would help everyone, i'd have a go myself, but don't know how to do one & would need a step by step video to know how to do this too!!
did get there in the end, anyone else have a go at fib Extensions?? Question is, is the target you get by

doing fib extensions anything like a Point & figure target????

Lol! Yes, remo - bottom of wave 1 to top of wave 1 and then projected from bottom of wave 2. Different chart packages draw extensions in different ways though so each member will need to check how their own chart package works.

You can work them out manually using the following formula:

(1.618 x (wave 1 top - wave 1 bottom)) + wave 2 bottom = wave 3 high projection

I take it the fib was taken from wave 1 and then put at the bottom of wave 2 to get your target for wave 3.
im sure thats what your on about.Some people may not understand that part.
Only reason i say this is because i had to look a second time. And i understand this...lol