NDX November 4th, 2008

Today I want to show a very interesting finding on the NDX intraday chart.  First note that the longer MACD has crossed up and became bullish just after 3:30 on Nov 3rd and note that its low prior to the MACD cross was 1322.43.  First thing this morning was a gap up to 1363.31 and then it retraced down towards the blue 5-min 20EMA and reversed at 1342.30.  Using the Fibonacci retracement tool (can be found anywhere online, I use 

http://www.fxtsp.com/fibonacci_retracement_calculator.htm?value1=1363.31&value2=1322.43&Submit=Calculate+Retracements+!

I entered the high and low as (1363.31,1322.43), then it gives 3 retracement amounts, the 50% retracement is 1342.87!  How close can it get?  It seems to be a good tool to determind if it is a correction or a reversal!  I was banging my head to my desk after it surged another 3%, that is 6% on the leveraged ultra QLD!