It's just like overanalysis of random coin flipping. No matter what patterns may seem to appear, it's still random.
Fibonacci randomness is just more artful. You can still lose your shirt trying to time the market.
I'll vouch for that!
"You can still lose your shirt trying to time the market."
There's no reason someone should lose their shirt by mistiming the market. You get out before you lose your shirt. You decide on a stop loss price on and you stick to it. Most stock traders use a 7% stop loss to bail on.
I have been successful in timing stocks. I look at overbought and oversold conditions. I don't try to hit the peak or the deep part of the valley but I do get near it. At a peak I'll sell 1/3 to 1/2 of my holdings and wait for another valley.