This Chart is a an example of a "Golden" Fib series. This Concept is from "Chapter 5" of my going "book". This Religion is of the Church of the "Golden Ratio".
Marked on chart are "Pings", ricochets that one can almost HEAR. "Not all Pings start a reversal, but Most reversals start with a PING." Top had a "Loud" ping, and on a Golden Fib, the clear signal to EXIT.
Every Ping is like a bug hitting a spider's Web. The vibration alerts and emboldens other strands. Thus we observe the behavior at each strand for clues.
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I do not use "Fibs" in the "traditional" manner (retracements). I use Fibs to plot "Ripples" (extensions) created by "Impulses". Then look for "Confluences" to map the "interference Pattern".
My TV collection of ideas detailing the Concepts: Chapter 1: Chapter 2: Chapter 3: Chapter 4: Chapter 5: <= Current Example Chapter 6: