The adaptability of the Fibonacci retracement
to a variety of charts and time frames has made the tool one of the most popular ones among forex traders.
So far there's only been one rally post breakout and a retracement
that started last week.
The 50% retracement
level is not really a Fibonacci ratio, but it is used because of the overwhelming tendency for an asset to continue in a certain direction once it completes a 50% retracement
However, today, we will look at our favorite retracement
level in the form of the 78.