Fibonacci help

[x2rider]

Hi folks
I was just wondering if you give give a little hand .
I am trying to place a Fib. on the chart of TZN but am not sure about where to place it.
Is it from the close price to the low or is it the highest price to the low and over what sort of period do I extend this.
Just trying to get a handle on any upside really.


Cheers Martin

 

[tech/a]

My view.

 

[x2rider]

Hi Teach , sorry tech
Why did you stretch the Fib from that point and not down to the othe low that was only about 2 weeks earlier . ?
I was looking for the breakout fron that last line to rise to the old high . ?
Does time have a bearing on the outcome ( I suppose it does but how far do you take out the timeline?
Thanks for the help
Cheers martin

 

[tech/a]

Two weeks ago you would have used that low once as it was confirmed,for any possible up leg analysis.

Once it was taken out the next low needed to be used.

The low you refer to has proven not to be a significant low in the future.
This current low will remain the significant low until the high or the low is taken out.