Here’s an ABCD Fibo on the intraday fiber. The ABCD suggests the possibility of prices to
1) Reach the projected resistance (R) at 1.4940 which is the 1.000 Fibo Extension from the ABC move and…
2) If/when the extension is reached which would be the projected high, the subsequent retracement is plotted on the chart to show the support as prices move lower from the the high (R).
This type of two step (automated) Fibonacci analysis is considers both the upside extension resistance and essentially offers a more classic Fibonacci retracement series from the “C” support to R providing the support levels after the high is reached.
For more information on automated chart patterns and Fibonacci levels visit Autochartist.com
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