Fibonacci Retracement

[jkeech]

Hi, i just need a quick clarification please of whether I should be drawing my Fibonaaci Retracement for the Wave 4 target, from the beginning of the whole 5 wave pattern, or just from the wave 2 finish / wave 3 start?

Many thanks, John.

[MR]

Fibonacci Retracement

Hi John,

The preference for drawing retracements is W2 to W3.

I always check it out, but will also do an additional
'backup' retracement calculation from W5 to W3 as a
double check. It really helps me better anticipate how
to react under the two best scenarios, and a second
calculation only takes less than an extra second.

If the retracements support each other it becomes stronger,
but if they are far apart, it creates an element of caution.