THE INNER FIBONACCI PATTERN
Within our bullish Fibonacci pattern from part 1, we can see a potential bearish Fibonacci pattern forming. Now this makes it confusing for the trader.
Should we close out the buy trade based on the formation of a bearish Fibonacci pattern and then sell or trust our analysis and continue to hold our buy position?
The photo shows the typical sell setup that many traders would take based on what they are told about Fibonacci retracements and extensions.
But will this trade be profitable?
Find out in part 3 of this series.