Trouble with fibs is they can be so subjective: Take the fall in cable from 6617, so may daily 4hr and 1hr swing highs from which to draw fib retracements to the current 5327 lo. so which swing highs are most important ? Well arguably the daily swing highs more than say a 4hr or 1hr, and so it follows that a 4hr swing may be more important than a 1hr swing etc...
I have no empirical evidence to suggest which retracement levels prove to be more important than any other over any asset class/instrument/t/f swing but my belief and experience is that confluence is important in seeking the highest probability places to buy/sell a pullback in an up/down trend respectively. Not just the confluence (or clustering) of fib retracement levels but also of the previous swing hi (s) / lo (s) that have been breeched to the up/downside respectively in an up/down trend and that may act as potential RBS/SBR on any trend pullback and re-test from the top/underside respectively, as well as trend lines.
G/L
