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Definition of 'Fibonacci Numbers/Lines'
Leonardo Fibonacci was an Italian mathematician born in the 12th century. He is known to have discovered the "Fibonacci numbers," which are a sequence of numbers where each successive number is the sum of the two previous numbers.
e.g. 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144, etc.
These numbers possess a number of interrelationships, such as the fact that any given number is approximately 1.618 times the preceding number.
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Investopedia explains 'Fibonacci Numbers/Lines'
Interpretation of the Fibonacci numbers in technical analysis anticipates changes in trends as prices tend to be near lines created by the Fibonacci studies. The four popular Fibonacci studies are arcs, fans, retracements, and time zones.
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Discover how this amazing ratio, revealed in countless proportions throughout nature, applies to the financial markets.
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Elliott Wave Theory its most basic tenet is that market movements are based on crowd behavior, which is seen as predictable given similar situations.
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