All good mate. I haven't found a useful resource for learning fibs so cannot direct you to them. Fibs were useless to me until I took some lessons with a European Investment Banker, since then I have never done an analysis without them.
This is info that it don't think I have covered, otherwise I'm just about drone with fibs for now. No need for a fib thread.
With a C of 38.2, we get a D1 of 138.2, D2 would then become 161.8, D3 200 etc. As 38.2 is the smallest retrace I have observe, the D targets just follow those extensions levels in order.
The C of 50 & 61.8 D1 starts at 161.8 then jumps to 261.8, then follows in order. It is very rare to use anything higher than 261.8. IMU I think was the second time I have ever used 685.4.Generally a new setup comes along that takes focus before you need to extend that far, but IMU had an exceptionally good run that called for several extensions.
Here in the D1 we just tagged, I wouldn't extend it generally as we have larger fibs on the way up we can use. A new fib will be identified with a reasonable retrace further up, but for now we have more than enough fib levels under 0.32. Interim fibs are just that, for moves between the larger fibs.
Also, just FYI, if you change your A point to the start of our up move instead of the very bottom, that is with A at the bottom of the candle prior to the gap at 0.14 I believe that more accurately represents the up move, as the mucking around before that was more related to playing with the resistance. Not only will you will find that the 138.2 is at 0.285 and the current resistance observed in Fridays price action, but also your other levels like the 61.8% tag candles (shown in mine vs shown in yours). See pink circles below for fib validation :
138.2% fib at 0.285 - 15min
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All good mate. I haven't found a useful resource for learning...
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