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Absolutely agree with this. But there are also ABC corrections that reach further down than 61.8% and that do not invalidate the trend. A Gartley pattern usually retraces more than 61.8%, but confirms the direction of the prior swing.
What do you want to say with -23%? An expansion?
Where do you anchor your fibs?
Can you help answer these questions from other members on NexusFi?
Where i anchor my fibs depends on the series of moves that have happened and wether or not we have broken the full swing 61.8%. Its really something that i would have to show you on a chart as there is alot of information you need to know about how to trade with fibs. I dont pay any attention to ABC corrections or Gartley patterns or anything else because you dont have to worry about any of that to trade with fibs
You can use many different approaches: MY chart for Thursday looked like this:
Price action was basically supported by pivot range (or value area of prior day) and by a strong fibonacci confluence line. Resistance was at floor pivot level R1. Attached is another set of charts, which confirms the strong support around 1.2870. It is important not to look at one method, but use a few of them.
I think these analysis (which are very impressive i must admit) should be presented in a true context, ie, if they have some predictive value then they should predict the next day price action not what has occured. I have not seen anything to this effect so far.
