Fibonacci Tool 2 is an analytical chart drawing that combines two indicators (Fibonacci Arks and Fibonacci Fan) in a single drawing. The idea behind this indicator is to display arks and fans that are based on the same trend-line defined by a user. The following analysis allows analyzing simultaneously a fan's lines and arks as possible support and resistance levels. Special attention is given to the crossovers of the fan's lines and Fibonacci arks at levels where price is most vulnerable to changing its trend (most possible support and resistance levels).
Chart 1:NASDAQ 100 chart with Fibonacci Fan and Arks
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