Rising Wedge with fibonacci retracement works wonderful at times
Downtrend Setup:
- Fibonacci retracement drawn (a1)
- 100% before the range of a rising wedge (b1)
- 61.80% at the bottom of the wedge (c1)
Result:
- Price falling down to 23% of the retracement after a breakdown
Followup Uptrend Setup:
- Fibonacci retracement drawn
- 100% at the bottom of the down trend
- 0% at b1 ( Before the start of the rising wedge )
Result:
- Price rising to 23% of the swing after the Rise
- Price then falls to 61.8% in the swing
- Fibonacci retracement drawn (a1)
- 100% before the range of a rising wedge (b1)
- 61.80% at the bottom of the wedge (c1)
Result:
- Price falling down to 23% of the retracement after a breakdown
Followup Uptrend Setup:
- Fibonacci retracement drawn
- 100% at the bottom of the down trend
- 0% at b1 ( Before the start of the rising wedge )
Result:
- Price rising to 23% of the swing after the Rise
- Price then falls to 61.8% in the swing
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.