I look at a lot of charts each week – either as preparation work during the weekend or ongoing as the market is open – and yet I continue to be amazed at the price action when viewed with Fibonacci applied to a chart.
For an example, I bring you the Weekly chart in WFM (Whole Foods):
This chart illustrates how price attracts to each Fib level, in some cases multiple times, with rather good precision. Awesome huh?
Now let’s see how that Hammer plays out in the coming week …
P.S. For those that don’t know, it is “Fib Oh Not Chee”.