Fibonacci correction and expansion
Using the Fibonacci Expansion Tool Efficiently
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Fibonacci Extension is drawn by joining three points unlike Fibonacci Retracement which has just two points by joining the lowest and the highest points of a pre defined trend and vice versa. You need to join the lowest and the highest point and then after a retracement or a correction, the price continues in the direction of the original trend, the low of the retracement or a pullback would be our third point. For example, suppose a stock moved from Rs to Rs and say after a retracement tillthe stock moves in the direction of the original trend. So the first point to draw Fibonacci extension would bethe second point will be and the third point will be This will give you probable resistance where the stock may face resistance in the near future.
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The SECRET to Using the Fibonacci Extension Tool
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How to effectively use Fibonacci Extension to find your trading gain target?
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How to Calculate and Trade Fibonacci Extension Levels
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