The answer to the question is something I have puzzled about many times, over both stocks and crypto that didn't go where virtually everyone thought it should have. Could Fibonacci retracement be the key?
Fibonacci retracement levels are 23.6%, 38.2%, 61.8% and 78.6%. 50% is an unofficial number used by some as well, but IMO it's a useless ratio. I know I'm a nobody so please don't remind me :) In any case ACB's Fibonacci retracements from each peak have hit exactly as one might have expected; all four levels were hit in a 1-2-3-4 pattern just like a pro would have layered in his short positions. Could this be an early signal as a pattern directional? That is, could these retracements signal as to whether or not expected patterns will fail or succeed? Any thoughts?
Fibonacci retracement levels are 23.6%, 38.2%, 61.8% and 78.6%. 50% is an unofficial number used by some as well, but IMO it's a useless ratio. I know I'm a nobody so please don't remind me :) In any case ACB's Fibonacci retracements from each peak have hit exactly as one might have expected; all four levels were hit in a 1-2-3-4 pattern just like a pro would have layered in his short positions. Could this be an early signal as a pattern directional? That is, could these retracements signal as to whether or not expected patterns will fail or succeed? Any thoughts?