The Power Of Symmetry
Symmetry is what I like to call the "power tool" in technical analysis. Symmetry projections, also known as measured moves, are a rather simple concept. We're just looking for swings in price that are similar to each other. Symmetry helps us to get involved in the market in the direction of the trend since many pullbacks on a chart will be similar to others.
A great example of using symmetry is with one of our crude oil trade setups where we had a couple of symmetry projections that also overlapped a .618 retracement. The key zone of support came in at the $44.80-44.97 area. Crude made the actual low at $44.95 this week, which was directly within this price zone. A healthy rally of $2.79 was seen from this low. The high was made at $47.74, which was just 1 penny short of target #2 for any trend trade setup.
Don't underestimate the power of symmetry!