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How do you draw a Fibonacci extension correctly?
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ticker lesson
Breakdown
0:00lesson
Fibonacci extension setup
- Fibonacci extension levels require standout low and high
- Standout low is a key support level
- Price bounces off the low to form a bull flag
- First target around 640
- Second target around 675
1:35lesson
Identifying key levels
- Bull flag pattern overlaps with Fibonacci extension
- Price move up to peak equals next move
- Multiple indicators based on same price data
- Need clear standout low and peak
- Price action confirms low and targets
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