fib retracement are hardly a "waste of time". the problem comes when people think they are magick (tm). they are simply frames of references. at a minimum, they are watched by other traders, so to SOME extent become sort of a self-fulfilling prophecy. they also help you define risk (and traders who don't define risk are gonna lose over time - period) i would never enter a trade simply because a price retraced to a fib level. that's silly imo. however, given a market i want to enter, i will look at fibs because i know they are likely to see supply/demand shifts (because other traders look at them), they help define risk, and they offer perspective