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Advanced Technical Analysis of ETFs: Strategies and Market Psychology for Serious Traders by Michael Sincere, Edward Balog, Deron Wagner

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Chapter 4

Fibonacci Here, There, and Everywhere!

What Is Fibonacci?

Fibonacci retracements, extensions, and time series are technical trading tools that derive their importance from a mathematical sequence known as the Fibonacci summation series. This mathematical sequence was first recognized by the 13th-century mathematician Leonardo Fibonacci da Pisa.

Fibonacci is credited with, among many things, bringing the Western world the Arabic decimal system, an explanation of the mathematics contained within the Great Pyramids of Giza, and the Fibonacci summation series. Of course, we are most interested in the Fibonacci summation series and its importance as a technical analytic tool in predicting price movements and support and resistance levels ...

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