Most everyone I see who uses fibs draws them from high to low. I don’t do that.
I map mine based off of large liquidity levels major open prices on the yearly or where I see huge institutional orders at far extremes of the chart. Not just random low and high wicks.
With that said I have a lot of trust in my fibs and I use that purple .5 level as the benchmark of bullish long above and bearish below.
We are sitting right there and looking hesitant to go higher atm.
2 things here:
we are forming a bull flag right above that .5 (2,435) on the daily but it is tight
Seen this before and if we hold that .5 long enough the move to the upside is gonna be epic.
Break and retest up happens at the .618 and the next key resistance fib is 3,143 at the .786.
With 3,672 being the ultimate test before the path to 5k can begin.