Quoting athalon7DislikedAnd the question is: will it hold? Fibonacci can't tell us that, maybe one of the indicators. Please don't misunderstand. It just seems Fibonacci is a great way to explain certain points after the fact, but there seems to be as many points within that grid that don't line up either.Ignored
price will do what it will, regardless of lines or indicator plots on a technical canvas.....Fibs, as well as pivots, trendlines or whatever else one utilizes to assist in guaging possible action-reaction zones, are simply that!......assistors or aids.......
levels which house these 'assistors' are observed & interpreted by differing participants engaged in a variety of differing intentions (buy/sell/profit paring/compounding etc, according to their original or intended positions).....
should the level(s) in which these Fibs or whatever you use house a prev area of reactionary activity, it's highly likely it will "react" again as price re-visits this zone..........
they're best used as "watch zones" or complimentary zones to observe the price bars as they form on & around these technical levels.........
any form of confluence which happens to hit on the level, merely amplifies it as a higher potential action zone..........
but it guarantee's nothing!
the "herd" or crowd influence (emotive response to the level) will determine it's intent & onward journey.........