This is a historical study on how fibonacci spirals work in price cycling, back to 2016 November, ringgit start strengthening with the rebound of oil price. and the down cycling projection projected as 4.26, 4.11 and 3.87. Ringgit reach the previous high at 3.85 then start weakening.
On the right side we have up cycling projection which indicating ringgit to reach 4.165 in the near term. As you can see fro the projection levels price found short term retracement 3.97 & 4.04 and the trend remain until we see lower low set up.
On the right side we have up cycling projection which indicating ringgit to reach 4.165 in the near term. As you can see fro the projection levels price found short term retracement 3.97 & 4.04 and the trend remain until we see lower low set up.