I use both Retracement values as well as Extension values.
Lately the Extensions are proving more accurate.
I am thinking not. I think that 5.618 needs a good hug, and then a kiss of the 6.618 before the real bottom reveals itself.
I am now recalculating zones (not much changed in this range but others)
(of course price is already there, but that is not how they were drawn, see green fibs to left)
As for my zones, they are derived from Fibs, retracements and extensions, and where several important ones line up, it makes a zone for me.
I am thoroughly convinced that Fib ratios are the underlying structure of the universe, and human brains are bound by them as well.
Check some of my published ideas, and especially these two: