I feel the FIBs retracement overlay to be very important in determining retail intrest levels. And without retail intrest you normally won't see any comeback or continuation from a previous move.
This is more for big boards, but pennyland also. In penny land you have the darkside involved with ALL big moves. So they can suprise you from time to time. But relying on my Rule of Thumb about retracement is really reliable in choosing stocks for future movement.
FIBS, use it frequently!
Bounce from 38% expect previous high taken out.
from 50% expect previous high.
61% expect 38% come back and
from below 61% a bounce should reach 50%
If any bounce doesn't reach expected targets, it's dead!
Just used this for RFMK and presently back in PVSP because of the rule of thumb.
This is gold in my tool box!
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