SPX Chart, page-52

Its always much easier/safer to wait for the market to tell where resistance is..before setting a Fib grid.. a lot of people see a trend on the left of the screen.. set up a grid from its high and low and then try to anticipate future support or resistance based that grid... these people are trying to predict and outsmart the market...the smart trader though will wait for the market to show point 3 first and then triangulate back to its relevant trend....the relevant trend that you discover by doing this may not be the one you were first thinking of at all..and it also puts you in the correct time frame for the trade which enables more accurate short term Fib projection!..its more important to establish a suspected 62% Fib first (these are usually wide horizontal resistances) but not always .. and then work back to a full grid from there, .regarding the exact points of 1 and 2 when working back from point 3 this way
(whether they be wicks or closing prices are really not as important as the number which will be obvious at point 3 ..but anyway were not after exact numbers in these trades were after a big move 100-200% over days or usually weeks.