Following my recent Dueling Fibonaccis for the SPX, a reader asked if I knew of any 'scientific' studies that attempted to evaluate the usefulness of Fibonacci retracement levels. The short answer is that I am unaware of any detailed studies, nor was I able to dig up anything meaningful with a search of SSRN.
So I turn this topic over to readers:
- Do Fibonacci numbers work as a trading tool?
- Are you aware of any published analysis which evealuates Fibonacci retracement levels?