Fibonacci Ellipse
An oval-shaped Fibonacci tool drawn around a price swing to highlight possible turning zones in price and…
In plain English
An oval-shaped Fibonacci tool drawn around a price swing to highlight possible turning zones in price and time.
The Fibonacci ellipse wraps a swing in ovals scaled by Fibonacci ratios. Where price meets an ellipse is seen as a possible reaction point.
It is one of the more obscure Fibonacci tools and very sensitive to how you draw it.
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