Swings and roundabouts
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Technical theory has it that, after each swing in the direction of a trend, a counter-trend swing or ‘retracement’ occurs that retraces or corrects the last price swing prior to a resumption of the next swing, which carries the market to a new price extreme. Market technicians monitor so-called ‘retracement levels’ based on fractions of the last price swing to pinpoint where a correction could end, with percentages based on Fibonacci
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