I'm not a big fan of any Fibonacci-related tools, but I just wanted to share this, for those who like to put their trust in those retracement levels.
Measuring those two moves 0.5 & 0.618 levels are placed in the area of previous resistance which currently acts as support. If we see a good reaction from here this could indicate a local bottom for the price action.
Measuring those two moves 0.5 & 0.618 levels are placed in the area of previous resistance which currently acts as support. If we see a good reaction from here this could indicate a local bottom for the price action.