Hey there =) Sorry if this question has been brought up before.
I've been doing a lot of charting lately, mainly in harmonic patterns. But one thing that keeps on confusing me, no matter how many articles I read on it, is what direction a Fibonacci Retracement should go.
Like this for example. Questiontime:
What are the rules that dictates wether or not the 100% is measured top down or bottom up?
What exactly are we measuring here?
All harmonic patterns start with an impulse leg up to a pivot, XA. They're meant to be retraced and B will be located at 38-78%. But 38-78% of what direction??? It's driving me nuts