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Breakthrough Strategies for Predicting Any Market: Charting Elliott Wave, Lucas, Fibonacci, Gann, and Time for Profit, 2nd Edition by Dawn Bolton-Smith, Jeff Greenblatt

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CHAPTER 7

Fibonacci Price Projections

In every walk of life, we make plans and projections for outcomes. A whole industry was created for people who want to lose weight. Weigh 190 and want to be 160? Why not? If you follow certain guidelines and disciplines you can achieve your goal.

Every business, large and small, that has ever succeeded had to develop a forecast. A business has to develop not only one, but three forecasts for revenues based on pessimistic, average, or optimistic expectations. Based upon prevailing business conditions, management usually has a very good idea of which forecast is going to turn out right.

When we graduate from high school and make plans to go to college, we make a projection of how much it’s going to cost and how long it will take. If we are good about our own lives, we are also planning our careers, finances, vacations, and each day of our lives. This is part of the goal-planning process. The more successful of us do it on a regular basis. The less successful spend more time planning what they are going to watch on TV or what they are going to have for dinner than they do on their lives. You know what? The results speak for themselves.

However, a funny thing happens when it comes to financial markets. Speaking exclusively about the stock market bubble of the late 1990s, 90 percent of the public lost 90 percent of their bankrolls. Why is that? Sentiment plays a big part. Individually, we are all intelligent people and know what to do. However, ...

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