Which fib indicator did you use to draw that? I like how you filled it across. Also what the reference value in the angles? Price targeting?
RealEstateStocker
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@Apux, Fib Retracement- thanks. No reference to value in angles, rather pointless. what fib retracement does is provides an understanding of where price should pick up CONTRARY to how it has ran up previous. In the above chart, start of corrective wave was where price found ground, you than find the previous high price tested, in this case its 7.7, now that you have your fib retracements, you know that if price cant uphold .618 (golden rule) you know MARKET MOVERS have either hopped or flock. Now, this probably sounds like gibberish, which is fun cause learning is awesome, but what is important to understand what the actual F a FIBONACCI is lol. Fibonacci is a mathematical equation that can be found in mother nature, dna, and yes even technical analysis. I think if you understand how it applies there, it helps put into perspective that this isn't just some sketch an Instagram follower put together.