Looking to enter in a Long Put option trade tomorrow with Zynga, ZNGA. Looking at the chart we see CCI (50) divergence that's been trending for several weeks. @nmike also pointed out the obvious Fisher Spike after we saw double divergence with Fisher and CCI divergence. This is a great combination of indications to suggest a bearish move is in the works. On the 5 min chart, I saw an indiation that we could bounce in the short term. I will be looking to fill my put orders if we do see a positive move to the .382 fibonacci level within the recent low-high, $3.77. The Gann Box was used to illustrate a clone with the recent low-high. A cloned Gann Box beneath the previous low-high, takes us to the 3.00 level for a final target. However, I will be watching the previous low and the .50 level on the lower cloned box for a possible bounce. I wanted to try the Fibonacci timing tool. For this to work, as Fibqueen uses it, you need to find symmetrical moves and apply the fibonacci timing tool for each high-high, low-low, low-high, high-low, in oder to find clusters/confluence areas of fibonacci extensions.
Remember anything is possible, so if we see a higher high ~$3.90, all bets are off and this trade is nullified.
Remember anything is possible, so if we see a higher high ~$3.90, all bets are off and this trade is nullified.