This technical analysis using Fibonacci retracement and Fibonacci Extensions, was made by me to help myself better understand price movement. I'll not get into too much detail here because most of it is already in there with the callouts.
One last thing I'd like to add though is that the point where the leg moves down at the end of this chart is actually the third point to where one could potentially begin to see the channel forming, thus making it another somewhat reliable technical indicator. However as you can see, although that channel was by then visually forming right in front of us, one does not actually have need for it, by simply using Fibonacci to predict price movement alone. Having that extra indicator confirm what another indicator is saying, does however increase your chances of being right.
I hope you can help me, help others with this. By all means feel free to provide me with feedback and share your opinions in the comments. Thanks guys/girls and have a great weekend!
One last thing I'd like to add though is that the point where the leg moves down at the end of this chart is actually the third point to where one could potentially begin to see the channel forming, thus making it another somewhat reliable technical indicator. However as you can see, although that channel was by then visually forming right in front of us, one does not actually have need for it, by simply using Fibonacci to predict price movement alone. Having that extra indicator confirm what another indicator is saying, does however increase your chances of being right.
I hope you can help me, help others with this. By all means feel free to provide me with feedback and share your opinions in the comments. Thanks guys/girls and have a great weekend!
