RAC - Charts & Price Action, page-260

@mcmurraj..Im glad you asked about the terminology..a "62% Fib" just refers to the distance that price returns from between a high or low point..its the 62% ratio of the distance between top and bottom of a retrace..this level will more than often become stubborn resistance after a major top or a trigger to further highs during a breakout....but we dont know where the 62% is until after a bottom is in...we let the market tell us that bit first.. I suspect the tweezer top is a med to major top and that next 62% will be stubborn resistance ( for various reasons..MACD is just one)..but what I suspect is totally irrelevant..we`ll let the market show us these 3 points first ..the high 117c (which we`ev already seen ) now looking for the low, and the next 62%.. (the next 62% will reveal the low in hindsight)