The 📦 and the Fib
- The 50% fib line in the 📦 is acting as a support.
- On the 15 minute timeframe we bounced 3 times today. Once at the open and twice right before the day end rally.
If we test it again and bounce, we rally.
~ The devil is in the details ~
Fibonacci’s are interesting to say the least. When scientists literally call them the finger print of god it’s worth a look.
@strib Fibonacci is where its at - especially when algos (the machines) are trained to watch for those levels. I’ve seen them respect the fib lines way too many times to not pay attention. You can see on the daily chart how they respected the 61.8% line for a few days before breaking down to the 50%.
@strib yes sir - In the fib sequence, each number is simply the sum of the two preceding numbers (1, 1, 2, 3, 5, 8, 13, etc.).But this sequence is not all that important; rather, the essential part is the quotient of the adjacent number that possess an amazing proportion, roughly 1.618, or its inverse 0.618. This proportion is known by many names: the golden ratio. If you calculate it, it goes on to infinity 🤯
Here is a detailed investopedia article on it.