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Fibonacci Retracement |
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Fibonacci Retracement A term used in technical analysis that refers to the likelihood that a financial asset's price will retrace a large portion of an original move and find support or resistance at the key Fibonacci levels before it continues in the original direction. These levels are created by drawing a trendline between two extreme points and then dividing the vertical distance by the key Fibonacci ratios of 23.6%, 38.2%, 50%, 61.8% and 100%.  Notes: Fibonacci retracement is a very popular tool used by many technical traders to help identify strategic places for transactions to be placed, target prices or stop losses. The notion of retracement is used in many indicators such as Tirone levels, Gartley patterns, Elliott Wave theory and more. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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I keep a look out for Fibonnaci retracement levels, simply because the folks on Wall Street keep an eye on them, too. Of particular concern for Schaeffer, though, is that the 10,764 level is just shy of the 10,796 number, which would have been a 50% Fibonnaci rally off the bottom set in October 2002 at 7,197. |
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Fibonnaci
