Your right it is normal from a small move like this retrace to close below the 50% but its not normal to close below(FAIL)
YTD 61.8% level from hi/lo
or how about the LAST years high and low closing below 618%
Or the 6/1 bottom to the 1.623ish run up closing below 78.6%
I agree until we break below 1.02 than this could be areas to buy dips but if we are trading anywhere near 1.02 by the next meeting it wont hold and 1.0050 is happening
its not a coincidence when these fib confluence areas are bunched up and the market fails or bounces off them and when they fail and go down or up the open air between the next area of confluence makes for great moves.
YTD 61.8% level from hi/lo
or how about the LAST years high and low closing below 618%
Or the 6/1 bottom to the 1.623ish run up closing below 78.6%
I agree until we break below 1.02 than this could be areas to buy dips but if we are trading anywhere near 1.02 by the next meeting it wont hold and 1.0050 is happening
its not a coincidence when these fib confluence areas are bunched up and the market fails or bounces off them and when they fail and go down or up the open air between the next area of confluence makes for great moves.