If you pin from bottom to top of the first time 38.2% is hit, then you use the bottom of that fib range (whether it retraces to 38.2, 50, 61.8 or 78.6) to draw the fib to the next peak that creates at least a 38.2...
You'll find that if it does this 2 or 3 times, that bottom-to-top fibnacci of the entire range/move will also work.
Lets say that in a long uptrend, on the 3rd fibonacci the pull back is at 61.8% If you draw the fib from the very bottom to the very top of that entire move, you'll find that it will likely be the 38.2%; it will line up perfectly with last fib tool you've drawn.
That is all under the assumption that the stock was behaving nicely the whole time and not bouncing from a random point between fib levels. This is far more common with mid cap stocks that move more reliably.
