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In a message dated 00-06-21 16:23:52 EDT, you write:
<< My vote is "no". However I admit that I sometimes refer to the numbers to
try and anticipate what the many Fibonacci followers will be doing.
>>
Same here. I have yet to see scientific proof for Fib numbers but I am open
minded
and will listen.
When you are paddling down a river, it helps to establish a reference to chart
the truest course. Perhaps the Fib numbers can be used the same way.
Most strong trends tend to retrace anywhere from 20 - 35% in my experience.
Consider a trend that is making slightly higher highs and is retracing 60-70%.
Is this a trend or is it a market that is in congestion or cycling with a
slight upward bias?
Perhaps percentage retracements can be used to measure trending vs.
non-trending markets.
Jim
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