The Handbook of Technical Analysis + Test Bank_ The Practitioner\'s Comprehensive Guide to Technical Analysis ( PDFDrive )

Fibonacci Number and Ratio Analysis

Figure  10.31 Fibonacci Upside Projection Resistance Levels from a Higher Signifi-

cant Trough.

Figure  10.32 Fibonacci Downside Projection Support Levels from a Lower Signifi-

cant Peak.

Figure 10.33 is an example of an upside projection on the 15‐min EURUSD

chart. The area of application lies after point C.

10.7.1 Calculating potential resistance via Fibonacci

upside projection Levels

When calculating Fibonacci upside projection levels, we use the higher significant

trough at point C as the base for the projection.