@Emsticoins, it's to show that bears were walking the price down to each fib level. And the two lines showed the price action was in an ascending channel / bear flag, which ultimately did break down. If you would have shorted or stayed short when I posted the chart, you would have made money as I did. Price went from 3412 at the time of posting to 3330. Chart is still relevant as current price action is holding the 0.5 fib.
@DerrickGibson, If you look at it the other way around, bulls were also walking the price up to each fib level. I don't see how this helps you predict whether it should be shorted or longed. If I were to learn from your analysis, what would be the next move I should follow?
Please enlighten me :) I'm always open to learning! Thank you buddy
@Emsticoins, The comment on the post was "Bulls need to prove something or bears will continue to run with the trend." This held true until the bullish rejection at the 0.786 level. That was your signal to exit shorts.. because the bulls "proved something" You can't know what the next move to follow is until the market gives you a signal, which hadn't happened yet when I posted this.