Just look at that smug look!
I'm sure he'd be raking in all that moolah if he was still alive.
Anyways...
As a Momentum/Position Trader,
This is how I look at those Fibonacci Retracements on Charts
Click Images To Enlarge.
Shaded Green is Bull Territory - As long as 38% Fibo holds,
Expect your money to make MORE money.
Shaded Yellow is a Tug of War between Bulls and Bears.
The area between 38-50 is sideways with Bullish Bias,
While the area between 50-61 is sideways with Bearish Tendencies.
This area could also be seen as accumulation/dumping level - take your pick.
Shaded Red is Bear Territory. You don't want to be treading within these waters.
Unless you're here for the bounce.
Shaded Brown - 6 Feet Deep. Rest In Pieces.
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