Intra-swing Fibonacci fitting and completion targets

Ratios from completed swings

Prior completed swings are used nominally to place Fibonacci retracement and Fibonacci expansion levels. Later pivots and consolidations are then annotated at those ratios.

A Fibonacci retracement is a ratio taken from a completed swing and laid back through later price to mark a candidate reaction inside that earlier range. A Fibonacci expansion is a ratio taken from a completed swing and carried beyond that swing's extreme to mark a candidate continuation level.

The same inter-swing construction appears on a monthly large-capitalization stock chart and a daily broad-index cash chart. Lettered swings locate the ratios.

How a Fibonacci level is read

A Fibonacci level is not required to be touched exactly or to block penetration. Unused levels from other swings still exist in live charting even when they are omitted from simplified figures.

Construction inside an unfinished swing

Intra-swing construction measures internal stalls, turns, and consolidations as percentages of a still-unfinished swing. It is not limited to ratios of already completed neighboring swings.

Nearby ratios are grouped as a Fibonacci zone. The pairs 21.4% and 23.6%, and 76.4% and 78.6%, are drawn together and read as moderately wide bands instead of forcing a single-ratio choice.

Fitting an overlay past the swing extreme

Fibonacci fitting enlarges or shrinks an unfinished-swing ratio overlay until stalls, pivots, and consolidations collect at its interior percentages. Larger overlays that extend past the current swing extreme are tested in the same way.

The 100% end of an overlay with many interior respects is the projected completion price. That 100% end is a Fibonacci projection, used only after interior price action has already respected that overlay.

Comparing overlays and checking an older map

Alternative fitted overlays can be compared by quality of fit, a count of distinct interior ratio levels later respected as support or resistance. A farther 100% projection is considered only after a nearer fitted target is exceeded.

On an equity-index futures example, fitted completion prices lined up with conventional Fibonacci retracement levels taken from two prior overlapping swings. The unfinished-swing projection and the older-swing retracement maps can be checked against each other.