How can an external factor like a handwritten line on the chart, influence the fundamental basis beneath. It can't. Or at at least in a perfect world it - cannot. But this is not a perfect world. Institutions sold the illusion & they know that this is the very first basic stepping stone for any new person, thus, - the legend goes on. On the other hand, at the certain times & at the certain timeframes, the fundamental value of the equities, gets reflected by the same lines. No so often tho. Just thinking out loud.
Of course Fibs work... "just not 100% perfectly every time"... like noobs "expect... otherwise it's no good". As for me, I don't use Fib "projection" levels, but I do use "retracement levels".... they don't work 100% either... but well enough, often enough to be of value.
I was sleeping, most others I'm sure as well, when this all took place except last one. That only made a 38.2% retracement which was a heads-up prior swing low was going to be taken out. That, and it was a continuation of strong intraday downtrend.
They also won't "work" if the proper start/end points are not used. Notice the last one, the spike high was truncated down to bar high open which then lines up next bar's high and the high 3 bars later.
Do your thing man! LOL. They work great when there's action and you draw them right. https://www.elitetrader.com/et/threads/oil-spike.366805/page-2#post-5599612