Fibonacci Convergence or Confluence

Fibonacci Extensions Confluence

Take Fibonacci retracements and projections from a number of different lows or highs to find a level where 2 or more retracements projections are at the same level. This will give a level with a strong possibility of a turning point. Convergence is when the coincidence of 2 or more Fibonacci price relationships comes together with a relatively tight range. For example, a Fibonacci convergence is where a 38.2 off one high and 50 off another and a 61.8 off another, converging on the same area of...