Fibonacci retracement levels work on the theory that after a big price move in one direction, the price will retrace or return back to a defined price level before resuming in the original direction. Traders use the Fibonacci retracement levels as potential areas of these reversal.
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.