[Zeneta]

I’ve been at this for a long long time.

The Fib fans when pressed will tell you that “It works, until it doesn’t”.

Elliot Wave is a cult. They use fibs, and will always blame themselves for their error, not the system.

There are many automated trading programs that use some form on Fibonacci, in this regard, it can become “self-fulfilling”.

When using a fib tool there are any number of theory’s about where you should “Start”. Should you take the “low point” or the “beginning” of the move ?

Btw, there are a boat load of “Free” analysis tools available. Free being the operative word.

That being said, Fibs are good as a “Supporting” tool. Not the only tool.

The shorter your time frame, the less effective they become.

[RoosterRedux]

I have used the Fib graphing instrument provided by Schwab and have check it using excel (to make sure it is accurate)...But I must admit that my use of Fibs is not retracement but high resistance to low support..

I haven't used it as a trading tool but I have found it rather correct on certain stocks and ETF's. On the stock I am following, it is on the money when producing upper resistance levels and lower support.

[RoosterRedux]

I started looking at the Elliot Wave Theory back in the early 1980's when the uncle of my wife dug up Robert Prechter and his material.

I somehow thought it was B/S.

But Fibonacci is not Elliot Wave Theory. That said, it may be B/S...but it isn't EWT.