re: the chart...willy pong long If you are familiar with...

re: the chart...willy pong long If you are familiar with fibonacci
you will know that it is the natural numeric progression found in nature.
As a consequence a lot of technical analists chart the frequency of these numbers by percentages of stock moves.
they are still primarily dividing ranges by 1/8ths or 12.5% there is little difference in a fib of 61.8 and 62.5.
I think believers (and there are a lot of them) self perpetuate these moves...
some of us just tag along....