DislikedYes the object is to keep support levels below price and resistance levels above price. Uptrending moves give you the support levels, Downtrending moves give you your resistance levels.
An example is GBP/USD to keep support levels under price or with price still inside the support levels (38.2,50,61.8) you have to pull the low all the way back to June of 2001, giving the next major support level of 1.7422.(Monthly Chart)Ignored
I'm still fuzzy about this. Sorry you had to say it twice. (I had even bookmarked this post earlier)
This places the current price low above the pivot of the Uptrend fib.
Do you wait for the Uptrend fib short to break before you move the fib back? Is there some other reason for moving it I'm not getting.
Thank you
Regards