If you don't, I suggest you look at my last idea (linked below). Press play. Watch the magic unfold. It bounced off my support line and hit my retracement level exactly (I gave the rough level for retracement in the description but the chart line was even closer).
Notice how it's hitting all the resistance/support lines, yet there's not a single trendline on the...
The purpose of this idea is not to demonstrate correct use of Fibonacci retracements levels. They would be created using a major peak and trough but I have not used the ATH as my peak which would be the obvious choice.
The purpose is to demonstrate the power of horizontal lines of support/resistance. This is probably the most fundamental ideas of TA - at certain...