Anticipating Facebook's Bounce Off Fibonacci Support
Carolyn Boroden identified a setup in Facebook (FB) in her Fibonacci Markets & Stocks service that began to unfold just after Mar 25 when a Fibonacci price cluster was tested and held at the 275.94-277.65 area. This zone included a confluence of price relationships, including a couple of symmetry projections, a .618 retracement and a 50% retracement of another swing.
Carolyn explains, "The setup triggered for both day trades and swing trades after holding the zone. We ended up seeing a rally of 38.13 off this zone in a few weeks, and NOW we have another decision right here at the 302 area. If this low remains intact, I'm going to look for another swing up towards the 319.67 area. If this same support is violated however, I will ditch the trade instead. These are the types of setups that are possible with Fibonacci Clusters!!"