Traders just a chart of support and resistance areas using Fibonacci retracements and projections
wherever you get a tight zone of fib. Calculation in the same area the price zone is more likely to hold
or if it breaks through than expect the action to move until it hits another cluster of fib numbers. The retracement levels are the most important and the 50%,61.8% and the 78.6% levels are where you see a lot of reversals to resume a trend or breakouts in trend reversals. Keep your eyes on these numbers if the 136 level does not hold prices should at least rally to one of the next shown targets. f it does than the down trend should see a pattern similar to this 1 through 5 pattern drawn on the chart.
wherever you get a tight zone of fib. Calculation in the same area the price zone is more likely to hold
or if it breaks through than expect the action to move until it hits another cluster of fib numbers. The retracement levels are the most important and the 50%,61.8% and the 78.6% levels are where you see a lot of reversals to resume a trend or breakouts in trend reversals. Keep your eyes on these numbers if the 136 level does not hold prices should at least rally to one of the next shown targets. f it does than the down trend should see a pattern similar to this 1 through 5 pattern drawn on the chart.