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Fibonacci numbers are used in calculating Retracements patterns. For
e.g. Many securities, after making long sustained moves in one direction,
will eventually retrace a portion of the move before continuing
on to extend it. The most popular Retracements amount used is 50%.
Meaning, if on its latest move, a stock went from 50 to 100 and
then started backing off, a 50% Retracements would bring it to $75
before it turns around and continues its upward march. In addition
to the 50% level, technicians also look at the 38.2% and 61.8% Retracements.
Originally discovered by Pingala in India in 450 B.C., the 12th century mathematician, Leonardo Fibonacci re-discovered this simple numerical series that is the foundation for an incredible mathematical relationship. Starting
with 0 and 1, each new number in the series is simply the sum
of the two before it. Fibonacci
Retracements are based on a trend line drawn between a significant
trough and peak. If the trend is rising, the Retracements lines
will descend from 100% to 0% .If the trend line is falling, the
Retracements lines will ascend from 0% to 100% .Horizontal lines
are drawn at the common Fibonacci levels of 38%, 50%, & 62%
.As the price retraces, support and resistance often occur at or
near the Fibonacci Retracements levels.
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