LTC/BTC targets using fib extensions

BTCE:LTCBTC   Litecoin / Bitcoin
60 2 1
Fib extensions from the ride up to .01193 seem to perfectly be predicting short term price peaks. Next target up is .01206 at the 0.618 extension
Why did you drew the fibs like this?
Obviously this idea did not work out today. But I drew fibs like that based on how I learned to here: (fib extensions not retracements).

The big swing was from .0079 to .01193... The first real retracement down was from .01193 to .0096.

Is this incorrect? I only ask because I have been teaching myself TA for around a year or so, and am nowhere near considering myself expert. I am self taught.
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