The Fibonacci ratios are widely used among traders to help identify potential areas of reversal in the movement of price action.
The Trend-based Fibonacci Extension tool utilizes three points on a previously identified trend in order to draw the Fib ratios on the chart.
In the chart above, price was rejected twice forming a double top which is a fairly strong...
As we can see on the daily timeframe, we have formed a triangle and now the price bounced off the resistance line and rushed down. Most likely, the price will fall to the support line at $ 550 and then it can bounce back or it is possible to break the support line and fall even lower.
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