The Fib Retracement tool does not
work for me the way it is described in the drawing tool help. With extensions set
to on, I find that no matter which direction I draw the downtrend line, the extensions
go to the downside. My boxes are properly checked as described in the help
file.
Here is the help info:
First please note that Fibonacci
tool works differently depending on the direction of drawing and "show extensions"
flag. See the pictures below.
As you can see it shows both retrace
levels (38.2, 50, 61.8) and extension levels (127.2, 161.8). If
"show extensions"
box is OFF the tool shows ONLY retrace levels. It works in a similar way when
controlling trend line is drawn downwards.