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Are Fibonacci retracements and projections useful?
I still have his signed VHS video. They never did ring bells at tops, even when it was a higher high inside a band after a higher high outside the band. There was always another band. Now I just listen to the music, when it's a good band.
Why should anybody know? Otherwise we'd own all the money in the universe.
I'm at home and not trading today but the Dow has put in a rather sweet 1.618 from ATH that looks like a decent 3-3-5 flat, it might need another poke to confirm but has held a pullback so might not, climbing nicely so far.
Can always be part of anything larger or much darker though, so pick a frame and stay in it.
To give you a straight answer -- I am currently watching 1993ish on the ES. That is where my next major fib line below is located. I cannot tell you whether price will get there and what it will do if it does -- anymore then a volume profiler can tell you if price will reach a poc and/or go through it, or anymore then a VWAPer can tell you if price will hit a VWAP and what it will do after that. Fibs are just another form of market structure. Nothing more, nothing less.
That said, you may have opened the door for some fib porn this weekend, my friend, and that's on you!