Elliott Wave With Fibonacci Indicator
Platform: MT4 Type: Pattern Last update: September 25, 2024The Elliott Wave With Fibonacci Indicator combines Elliott Waves with Fibonacci retracements. These two gauges used together make a powerful price action indicator that can used as a standalone buy/sell indicator.
Closer look on the Elliott Wave With Fibonacci Indicator
To use the indicator properly and get the most out of it, one needs to have a pretty solid knowledge of Elliot Waves and Fibonacci extensions. Signals provided by the Elliott Wave With Fibonacci Indicator need manual interpretation. Generally speaking, when the price is making new higher highs and lower highs for uptrend or lower lows and higher lows for a downtrend, the moves are dividend into so-called Elliot Waves – strong impulse and then a correction. Fibonacci extensions are important market levels where the price tends to react. Combining these two tools can give really good results, but it requires experience and knowledge.
Buy Trade Example
In the example below, one can see a price is going generally upward. It made the 4th wave and the price reacted around near 50% Fibonacci level. Most probably the price will make a strong upward move soon.
Sell Trade Example
In the example below, one can see a price is going generally downward. It rejected 61.8 Fibonacci level, then made 2nd corrective wave and is ready to fall further soon.
