WKT - Chart, page-350

Moonchook87 you've got that right strong FA as a selection criteria and using TA to find the entry point is about as good as it gets.
If we are talking retracements and corrections, Fibonacci is giving valuable information. Up to 38.2% I would call a retracement being relatively mild, 50% and 61.8% are not uncommon, but I would call it a somewhat normal correction, while 78.6 and 100% corrections are severe, however still more common than one would think. 100% corrections lead to Double Bottoms, which are terrible for early holders, but are viewed as bullish by new investors/traders. So it still depends on which camp you are in and with that what sort feedback you get.
However this is not where Fibonacci ends, because it depends on where a stock is in the overall picture and that is where EWT or counting waves comes in. You probably read me talking about waves in some of my posts. Fibonacci and EWT are both working hand in hand. So once you know how to apply Fibonacci corrections and extensions it is worth looking into EWT - Elliott Wave Theory.