Don't you know what you see in the charts? Here's some lines drawn out for you. Channels as they were. The yellow is the long-term. The red is the medium term. The little Fibo BS is the short term. Where does it look like it is all going to go, considering the time scale?
Good analysis O.N. Later on July 19th it did break through your red line of intermediate highs so I thought it would first test the June 28 high which offered no resistance at all. Then test the early June "Event Area" closing high of 4177. And that is where we are right now with 4 days in a row of spiking close to that level without actually getting getting there. So this is a critical area does it ledge out here then break through to test 4300 or does the resistance hold and start a downward retracement. Todays (Aug 8th) high of 4177.50 is .25 away from the June 2nd closing high. If it does hold. Oboy Oboy, rub hands together in excitement because we can then draw another fib from the June 17 low to today's high or where ever the high is and monitor the fib levels of support. Fibs are not BS, they are real. Just have to learn how to respect them. They are not a holy grail but are a useful tool.
In a non-overnight world; wedges are what you have drawn and a subset of channels. Channels are generally defined as parallel, wedges converge. While they both encapsulate PA, they suggest different sentiment of continuation or change due to different market structure.
Context and knowledgeable application are the things that separates when; Fibs work MMs work and when they don't. Consider if the above is true or false. If false, ok you saved some time and possibly money. If true, then perhaps there is some knowledge out there that can be attained and applied to one's own benefit. T or F? All F1 racers are drivers All drivers are F1 racers
Depends on how you define "work". As a definitive trading system you are correct. As a good guide of support and resistance, they are a valuable tool.
Fibs work for me, until they don't the same as all strategies ,but as long as your agreed stop is in place. all ok just move on to the next trade. as you all know, as long as you win lose is in favour so be it.