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While in Egypt..1 and progresses to infinity with each successive number in the sequence derived by adding the two previous numbers. 233. . the closer it approaches this ratio. Fibonacci returned from Egypt with a mysterious set of numbers.618 times the number preceding it. (3) Any given number approximates . 55. The higher the number. 377. 21. 89. It is reported that after a sabbatical to the Middle East. 1. which now bear his name.618 of the number following. integrated the “ o e R t”n t go ei lr o i sf e y md G l n ao ioh em tc p pro ot pr i d i t e ra o tn h a . examination will reveal the following relationships between these numbers: (1) The sum of any two adjacent numbers gives the next higher number in the sequence. Fibonacci discovered many remarkable properties of these numbers. The Fibonacci Numbers The Fibonacci sequence of numbers begins with 1. 13. etc. 8. 34. (2)Any given number approximates 1. to infinity. 610. consciously or not. Properties of the Fibonacci Numbers After the first four numbers in the sequence. The higher the number. Italy around 1170. the closer it approaches this ratio. 3. he studied the Great Pyramid of Gizeh at length and noticed that the ancient Egyptians had. 2.Overview The most important mathematician of the MiddleAges was Leonardo Fibonacci da Pisa. 5. 144. The Sequence 1. born in Pisa.

Some statements of the interrelated properties of these four main ratios can be listed as follows: 1) 2. Besides 1 and 2. the ratio is 2. Further properties of the Fibonacci numbers are discussed in Peh r Elliott Wave Principle.618) to the first number. + 2 = 34 . 6) 1.(4) Between alternate numbers.618 are the ratios between the numbers. + 1 = 13 5 x 4 = 20.g.618 = .618. 55 versus 144). + 1 = 21 8 x 4 = 32.618 = 1.618 and 1. 4) 2.618 = 1. the second number down has the ratio of . The higher the numbers. 2) 1.618 = . 233 versus 89). (5) Between alternate numbers.618 x .382 = 1.618 . the SECOND HIGHER number approximates 2. when added to a selected Fibonacci number. and are reprinted below from that r t’ c es work: Thus the ratio of any number to the next higher. .618 x . 7) .382.618 x . so that: 3 x 4 = 12. called phi. is approximately . gives another Fibonacci number. Between alternate numbers in the sequence.. anyFibonacci number multiplied byfour. 5) 2.618.1.382. 3) 1 .618 = 2.g..618 x .618 x 1.382.618.382 (the inverse of 2. the closer to .618 times the first number.618 to 1. 8) 1... (E. or its inverse.618 .618 = 1.618 to 1 and to the next lower number approximately 1. (E.618 = 1.

we find that. 4. 6. This relationship is possible because the ratio between second alternate Fibonacci numbers is 4.236. all composite numbers (those divisible by at least two numbers besides themselves and 1 ) label composite Fibonacci sequence numbers. This continuous series-building property is reflected at other multiples for the same reasons. . 2) Next. + 5 = 89. etc. 7. As the new sequence progresses. as in the table below. + 3 = 55 21 x 4 = 84. 5. we have a prime Fibonacci number listed in the sequence. a third sequence is begun in those numbers that are added to the 4x multiple. Composite P 1 1 P 2 1 P 3 2 X 4 3 P 5 5 C 6 8 P 7 13 C 8 21 C 9 34 C 10 55 P C P C C C 11 12 13 14 15 16 89 144 233 377 610 987 3) The sum of any ten numbers in the sequence is divisible by 11. and so on. We offer a partial list of additional phenomena relating to the Fibonacci sequence as follows: 1) If we list the Fibonacci sequence and count forward. except for the fourth Fibonacci number (3). 3. Fibonacci: Prime vs. we find that each time a prime number (one divisible only by itself and 1 ) label is reached.. 2. where .13 x 4 = 52. 4) No two consecutive Fibonacci numbers have any common factors.236 is both its inverse and its difference from the number 4. labeling each Fibonacci number 1.

987 plus .013.146.005. Thus.034. all in sequence.001. adjacent Fibonacci numbers are related by 1.003. or . In the descending direction. or 2. or . equals the Fibonacci number two steps ahead of the last one added.144 plus .236.464 plus .001. alternate Fibonacci numbers are related by .597 plus .021.090.377 plus . or . sixth through twelfth alternates are related by ratios which are themselves thousandths of Fibonacci numbers beginning with . fifth alternates are related by . or . adjacent Fibonacci numbers are related by . alternate Fibonacci numbers are related by 2. (see ratio table. third alternates are related by . fourth alternates are related by . or 1. plus 1.610 plus . is that the ratios between Fibonacci numbers yield numbers which very rarely are thousandths of other Fibonacci numbers with the difference being a thousandth of a third Fibonacci number.089 plus .00. identical Fibonacci numbers are related by1.618. or .618. the ratio then between thirteenth .056. and so on. in ascending direction. second alternates are related by . It is interesting that by this analysis.233 plus . 9) One mind-stretchingphenomenon.055 plus . Figure 63).618.002. whichto our knowledge has not previouslybeen mentioned. 7) The square of a Fibonacci number minus the square of the second number below it in the sequence is always a Fibonacci number.008. 6) The sum of the squares of any consecutive sequence of Fibonacci numbers beginning at the first 1 will always equal the last number of the sequence chosen times the next higher number.382.5) The sum of all Fibonacci numbers in the sequence up to any point. or . or . 8) The square of a Fibonacci number is equal to the number before it in the sequence multiplied by the number after it in the sequence plus or minus 1.034. The plus and minus 1 alternate along the sequence.

618 to 1. The ratio is always . THE GOLDEN SECTION: Any length can be divded in such a way that the ratio between the smaller part and the larger part is equivalent to the ratio between the larger part and the whole. we have truly a creation o‘k f mle o‘ p dco ia ed ss i . n r t ’ L IT WA E RN IL .o t i hr s e e d m t m ti . . by the Russian mathematician.glgs d ot a e ac nt m s huten “ i b gn”t y f e h ia h e i do i u h number s I have seen is the book FIBONACCI NUMBERS.618 to 1 and or . The proportions of this booklet approximate those of a golden rectangle.001. as in t sa”se adnhsila x sfu rpc. N. f er utnn n nl see’ le o k ’ r o i e rs Finally.236.618 to 1) and to the next lower (1. Fibonacci-Related Terms THE GOLDEN RATIO (Or Golden Mean): The ratios of 1. N. f i r i .618 to 1.618.618 to 1). Vorobev.ae8-7 c es PHI: (O ) A letter in the Greek alphabet which refers to the ratio of any number to the next higher (.n ae 5-6F rh d -a n ek a’ U E TMI G o pgs 45.618 to 1.618 and ( 5 . Some further properties of the Fibonacci sequence are found i B cm n S P R I N . e otxasv ad mn. where 5 = 2. and important factor in the Wave Principle and the logarithmic spiral. we note that ( 5 + 1) / 2 = 1. one thousandth of where it began! On all counts.1) / 2 = .ed cso h nishl n it pagl i oot sae e ius n e l l e r ae e S s i iPeh r E LO T V P ICP Epgs 69. THE GOLDEN RECTANGLE: One whose sides are in the proportion of 1.alternate Fibonacci numbers begins the series back at . THE GOLDEN (LOGARITHMIC) SPIRAL: A shape conforming to the Fibonacci relationships often found in nature.

618 to 1 ratio t “ o e Men. e. mathematics. throughout the fields of art. in the financial markets and even in nature itself. R. the ancient Egyptians constructed the pyramids in a way that embodies the Fibonacci proportions..As previously mentioned. all Fibonacci . It is through a study and understanding of Elliott Wave Theory that one reaches an understanding of the interaction of Fibonacci and the financial markets.Where are Fibonacci relationships found? We find the influence of Fibonacci relationships. architecture.g. Elliott tells us that the Fibonacci sequence is the mathematical basis for the Elliott Wave Principle. Each of these can be shown to be a predictable function of the Fibonacci progression: The PATTERN of market behavior relates to the price waves or movements. aeh p pro a ier pr f e h G l n a”m d ts r o i nn g la ot i e d i o tn t a t h r art and architecture. There are three primary aspects of stock and commodity price behavior: PATTERN. Of greatest interest and significance to you as a trader is that fact that Fibonacci numbers and relationships appear repeatedly and with a high degree of consistency in market price action. This ratio is an integral part in musical harmony. and the incidence of Fibonacci numbers. Elliott Wave analysis postulates that bull moves consist of 3 primary and 2 corrective waves. The Greeks. a total of 5. Fibonacci in the Financial Markets The study of how Fibonacci numbers and relationships manifest themselves in the price action of markets is inextricably interwoven with the tenets and principles of the Elliott Wave Principle. geometry. Leonardo da Vinci used this proportion in his art. There is a continual occurence of Fibonacci numbers and the golden spiral in nature.. who called the . even the vast spiral galaxies of outer space. TIMEAND RATIO. in sunflowers.N. the shell of the snail.

This apect of Fibonacci analysis also involves the analysis of percentage retracements of a given price move. there might be 34 or 55 months between a major high and low. and 89 minor waves. Some analysts carry this concept to the area of day-trading. in turn subdivided into 13 intermediate and 55 minor waves. as well as the next. with the observation that many retracements will correct 38. the total number of waves is as follows: Major 8.unt e u br y h . Bear markets consist of 3 major waves. Elliott states in N te a rs u’ Lw “ ao p tcc ot s c m r th nm eom nr a :I cm le yl f et k a e t u brf i n e e h o k. 3 upward and 2 corrective. The duration of price movements in a given direction can be shown to bear a close relationship to Fibonacci numbers.e o waves is 144. intermediate 34. . as it relates so closely to the concepts wich I deal in my own book. each of the 3 major upward waves in a bull move consists. Bull markets usually have 5 major waves. in turn.2% or 61. of smaller intermediate waves. s l n providing examples of this phenomenon. Another aspect of market behavior where the application of Fibonacci numbers can be helpful in forecasting is TIME. in turn consistingof 21intermediate waves. THE TRADING RULE THAT CAN MAKE YOU RICH. For example. Bear moves have two waves down and one corrective wave. The final aspect of market behavior to which the Fibonacci sequence applies is Ratio i. All are Fibonacci numbers and the entire series is employed. I am personally especially interested in this particular aspect of the theory. 2 down and 1 corrective. and minor 144.8% of the preceding price move. a total of 3. Thus in a complete cycle. the proportionate relationship of one price wave to another. or 13 or 21 days between minor highs and lows. The length of w vs a vr btot nm e” aem y a . as described by Angell in his HOW TO TRIPLE YOUR MONEY IN STOCK INDEX F T R STceE m t aieds i da rsxeet U U E .numbers.e r e le ieclni t tl cb t. both in time and in amplitude.ukr m e’ rc . When these major waves are broken down and studied in greater detail. and each of the major down waves sonsists of 3 intermediate waves. A complete cycle of both a bull and bear move involves 8 major waves.

Elliott seized upon this series and applied it to variations in prices seen in the stock market.. IA 50613 for permission to reprint the following article by Robert Prechter. and further propounded that the distance a bull move or a bear move carries is a Fibonacci ratio (..T ce E m ti h ecln a ie“i nci yl ad ukr m e n i xeet rc . Fb ac C c s n t s l tl o e C m oi Pi B hv r g ea i e sn dsr t n n o m d y r e eai .all seeming to occur at specified time intervals.618. Cedar Falls. Sound pretty complicated? Not really. reasoning that these should follow t ta eo occclae ss a’ t rcosoB vr h s f m fylaptr am n o eatnd. This was the most effective and concise means I could find to convey an overview of the application of Fibonacci analysis to market action. he was able to ascertain to his own satisfaction that. Our basic thesis is that stock prices and commodity prices follow PATTERN.618) in relationship to the previous bull or bear move. which appeared in theAugust.. or 21 days in another case).618. there are 89 minor waves in a bull market and 55 minor waves in a bear market (both Fibonacci numbers). 1.. and that each of these is a predictable function of the Fibonacci p g so. 1982 issue. or 2.y e a m r i tn sh i y careful application. i snn r t g ec p o ad t c o” v te i ii summary of the three factors mentioned above: “ rf. He also ascertained that the length of time involved in the completion of a bull move or a bear move was a Fibonacci number (13 weeks for instance. ecosf e ad ey i es a lw T i events appear to follow cyclical rhythms and patterns. r rsn o ei ” Example of Fibonacci Market Analysis I am greatful to FUTURES MAGAZINE.ubs t s i soo s h atnom n n Bilorach i s f l . 219 Parkade. . These time intervals seem to be accurately and adequately described by reference to the mathematical series discovered by Fibonacci. TIME AND RATIO...

618 times 1949-56.618:1 as the "Golden Ratio.-Dec. 1974-82 (fig. 11.618:1 ratio is the only price relationship whereby the length of the shorter wave under consideration is to the length of the longer wave as the length of the longer wave is to the length of the entire distance traveled. The whole pattern is an interlocking expression of the Fibonacci ratio. All Fibonacci relationships in all the interlocking waves during this ti me span could not possibly be mentioned here. 1) Triple three — Aug. If the December low (899. which is divided into the Golden Section proportion at its exact beginning and end. Others have pointed out someti mes in advance for forecasting purposes. The April-September decline is 2. 4. A side element of the Wave Principle is evidence that the Fibonacci ratio expresses itself often enough in the averages to make it clear that it is indeed a governing force — not necessaril y the governing force — on stock market indexes. within the percentage errors as listed. The height of the final A-B-C pattern is 2. 1. 1980 — Dec. the portion of the theory which applies to anticipating the occurrence of Fibonacci ratio's in the market can be stated this way.618 relationships found in the following time periods: • 1921-28 — the final wave (1926-28) of the sequence is 1. 1981 (fig.) The height of each A-B-C pattern in this sequence is related to the preceding A-B-C pattern by 1. the entire height of the pattern in divided into a Golden Section at 894. 1980 (fig. In other words.618 x 2nd ABC (_6% error) 3rd ABC = 2. The Fibonacci ratio is the governor of the Fibonacci sequence. X:Y as Y:(X Y:Z as Z:(Y + Z). note that X:Y as Y:Z. R:P as P:(R + P).618 times the December-April advance (4% error). All of these Anticipating ratios In a nutshell. the second calculation would have had 0% error.N.618 ratio during this period. locking wholeness to the price structure. Prechter Jr. On the chart. This sideway s pattern began from the point at which the orthodox top of five waves from April 21 to Aug. 2. 3) Now we come to the most interesting pattern. The numbers of waves in each degree of trend correspond to the Fibonacci sequence. 2) The April-September decline is 1. Elliott discovered that a Fibonacci relationship between adjacent waves occurs more often within corrective patterns. and the DecemberApril advance is 1. A Fibonacci relationship between unconnected waves that are nevertheless part of a single pattern occurs more often within five Aug." wave sequences when the third wave is the longest.84.618 times as long as the first three (193Z33). 12. It was this property that led early mathematicians to dub 1. the first ideal retracement level at 806 was penetrated eight times in whipsaw action. • 1932-37 — the final wave (1934-37) is 1.618 times the September-December advance (3% error). thus creating an inter-. the second "Y" and the third "Z". Dee. the 1.618 times the height of the first. 1980. 1980 — Dec. P:(. 4.618 (with 1% error and 6% error respectively). ended. The only large deviation is the "overshoot" in the October 1978 massacre. you can see that R:P as P:(). Price relationships are calculated only with reference to vertical points traveled. If we label these lengths P. During the October-December 1978 period. These would have had 0% error if both the December 1980 low (89957) and the December 1981 high (893.618 times as long as the first three (1921-1925). The period from 1974 to the present has been less documented but deserves mention for the frequent occurrence of the 1. the big picture from 1974.618 times the length of the 1966 decline.37. (An "orthodox" turning point is one which marks the end of an Elliott Wave pattern. a rectangle can encompass all this price action. 1980 2nd ABC = 1. 0 and R. 11. ensuing minor new highs or lows notwithstanding. If we label the first pattern "X".818 x 1st ABC (1% error) 3rd ABC = 1.618 x 1st ABC (5% error) . • 1949-66 — the last decade (1957-66) is 1. Each'wave since 1974 is related to an adjacent wave by 1. The Fibonacci ratio is so compelling because the 1.) as Q:(P+ 0). The Fibonacci ratio has reason to be evident in the market. R. • 1966-74 — the distance from 1966 to 1974 is 1. 3.618 times the September-December advance (1% error).The Wave Principle describes the movement of markets. • 1930-39 — each of four swings is related to the ensuing swing by 1.618.57) had been 905. For anyone trying to discover mathematical relationships in markets.Does Fibonacci rule the stock indexes? By Robert R. 12.55) had been 894. the Elliott Wave Principle can satisfy even the most cynical researcher. but a few of the most striking can serve to illustrate the influence.618 (or in the center of the pattern by equality).

December 1980 low at 899.618V (6% error) 1.37. Similarly. That kind of action may indicate that the market sensed the importance of the exact Fibonacci retracement level despite the overshoot." 1. old Fibonacci doesn't rule the world.013. at 1. (4%) y 700 600 50% of entire pattern (792) 75 78 77 78 79 80 81 Figure 4 Source: The Elliott Wave Theorist Solid support So far this year. The three average price points make all the Fibonacci ratio relationships perfect except for the average of the 1978-79 bottoms. 3. 4 0at . producing 1.618 x wave 1.011.618R (3% error) 1. where wave 5 = 1.) Ms„s.000 900 800 700 1.05 901.20 75 76 77 78 796. Knowing when to look for one is the key to successful application. These two declines can be labeled as fifth and first waves respectively. Among the three that did not leave gaps were a 9-point "up" opening hour and a 17-point "down" opening hour. if 789 holds. § 4' 1.6 781. 740. Prechter It is editor of The Elliott Wave Theorist financial letter. producing 1..021.618 times the length of the April-May decline. . On the other hand. My studies show that there are many times when one should not expect a Fibonacci relationship. which is 15 points below the ideal low of 804.618 of 908 (avg.30 600 572. . which gives a central peak point of 1.-. Does the Fibonacci ratio govern every move in every market. all calculations have 0% error.024. 789 also happens to be the level at which the decline from the peak in December 1981 would be 1. 800 With division at 894.1. This same support point has stopped cold three declines since 1974. That level should not be taken as a forecast at this point but would certainly become likely if 789 is broken on the downside any time this year. is the exact point which provides 0% error for the Fibonacci relationships involved. 4) A second way of looking at this period is to average the tops in 1976. Ga.000 950 893.012.) next 4%) 74 (avg. so much so that five of them left intraday gaps in the Dow. . 1974-82 (fig.57 is a pommies between an Ideal 905. and I haven't found any exceptions to Elliott's discoveries in that regard. as some analysts suggest? Definitely not.62 4 0. With reference to fig. To see another example of this type of relationship..86 913. 12 111 18 " asssoe 1.37) 814.2. The next largest deviation occurred because of the mild overshoot at the November 1979 low.67 (Ideal: 894. Gainesville. c. see the 1980 five-wave advance in fig.. 572 1.21 A MJJASONDJFMAMJ JASOND J . But if he were a trader. 789 has its own particular "raison &etre.618 of pre . the average of the tops in 1978-80 is 908 and the average of the bottoms in 1978-79 is 789. Hourly turning points ( ) indicates deviation from ideal length 79 80 81 Num 3 The Fibonacci Ratio in the Dow from 1974 The Fibonacci Ratio using average turning points X gr.55 910.024.79 and create a symmetrical pattern from 1974.84 for the XYZ pattern and an ideal 894.08.012 (avg.37 for the MR pattern. 0 .050 1.618 times the length of the preceding advance.56 4 900 850 999. It marked the exact hourly low in March and the hourly low so far in June.V.51. he might well own the New York Stock Exchange. which was again due to a "massacre" type market. I've calculated that if the down wave which began in 1981 were to fal11. FM Dow-Jones Average of 30 industrials Num 2 penetrations were extremely volatile. 88 739.75 1.. No. 2.59 b -■ . It so happens that a rounded average of the two.618P (4% error) P = 1.618X(1% error) Z = 1.05 = 1. However. and the tops in 1980-81. another new bull market could well get underway.. the 789 level has acted as solid support for the DowJones Industrial Average.000 900 800 1. Why? The 792 level just happens to fall right at the halfway (50%) level of the entire pattern back to the 1974 low. Perhaps Robert R. this explains why the two bottoms in 1978 and 1979 were off a bit from their ideal Fibonacci target at 804 and gravitated to 789. it would bottom at 563.

I personally place far more faith in the recurrence of these market habits (see my book. to explain why these patterns and phenomena recur. PO Box 6206. perhaps impossible. e rne cr ” Comments on Fibonacci References The bibliographyofFibonacci references which follows gives a number of excellent source materials on the various aspects of Fibonacci.y be ao.Fr oe h fd . Nevertheless. their cost. . SC 29606.. many of which relate to recurrent patterns of market behavior. Gainesville. INC. GA 30503 and requesting information on his excellent publication and service. and a brief description of each.r i t peo eo’ hnm nnw cnb osr t npe c h hnm nn vi dt e s r u ec. THE TRADING RULE THAT CAN MAKEYOU RICH) than I do in the most exacting and precise fundamental analysis performed by the most knowledgeable and capable analysts in the world! And it matters not one whit that we r l cntdqa lep iWH t y ot u tr uado e l a’ euty xln Y h cn neoe rn t ay a e a e i c “o . c/o New Classics Library. Please write for a list of the titles which are available. THE ELLIOTT WAVE THEORIST. WHY DOES FIBONACCI ANALYSIS WORK? There are a number of highly useful technical tools.w u ugs h n P c es y s n r t d t writting him. w r” k Again to quote Elliott: “vnhuh e antne t dh cue ney g prcl E e t g w m y oudra t asudri a ai a o sn e ln tu r peo eo.r h r aa s oie sI olsge ot sw oi Mr e t’ nl i f te. e a. Greenville. you will undoubtedly want to add some of these titles to your library. in order to survive as a successful trader in the long run). PO Box 1618. The comments which follow pertain to the titles which I especially recommend. It is very difficult. Most of these works are available through TRADERS PRESS. If you are a serious student of thr market (as I feel one MUST be.

Although this book does not deal with Fibonacci directly. which when recognized by the trained eye. it does deal with a similar concept. Though the Fibonacci coverage in this book is brief (about 7 pages).yuhu l koaeae et G l n u ”te h “. In nearly 20 years of trading.Available through Traders Press. ne’ i sf e soF oacnm e n a-a n A gl o h b s td g l s “ o e R l s t t t. it contains unique ideas and analysis not found elsewhere. a recurrent pattern of market behavior. . 8i s eni m v. AND FUTURES: ADVANCED TRADING SYSTEMS AND TECHNIQUES. this is one of the most valuable books in print for the technical analyst. OPTIONS. becomes a highly effective and easily utilized trading tool.Angell: HOW TO TRIPLE YOUR MONEY IN STOCK INDEX FUTURES. Written and produced by the leading expert on and proponent of Fibonacci-related trading principles. For those who want to know all there is to know about the practical applications of Fibonacci technqiues and principles to trading. that is. d o tc n p csf 1 t et itl oe reo. EVERY technical trader should own this book. Eng: TECHNICALANALYSIS OF STOCK. including an evaluation of how well each works in varying market conditions and situations. yet the most useful technique that I have encountered. Kaufman: COMMODITYTRADING SYSTEMS AND METHODS. i 6 m h i a ” DN plJe iao ’FB N C I N YMA iao:o DN pls IO A C MO E i i N AGEMENTAND TREND ANALYSIS TRADING COURSE. Dobson: THE TRADING RULE THAT CAN MAKE YOU RICH. this is the simplest. for example. Chapter 6 contains some interesting applicatnot ue fi nciu bridyr i . This excellent book takes 15 major trading techniques and gives major coverage to each. In many ways. The section on the use of Fibonacci numbers in trading is especially helpful in showing the trader how to apply Fibonacci cycles. the use of Lucas numbers in conjunction with Fibonacci numbers to futher enhance their effectiveness.o sol o fr rr m ni d e as a .

Pages 394-398 cover principles of Fibonacci numbers. superlative book. Angell. d i H pt s. SUPERTIMING: THE UNIQUE ELLIOTT WAVE SYSTEM. ASIMOV ON NUMBERS. TRIPLE YOUR MONEY EVERYYEAR WITH STOCK INDEX FUTURES. well-written. . and Fibonacci numbers in the study of cycles. A SEARCH FOR THE PAST. 1977. Asimov. Fibonacci ratios and retracements. Beckman. no. dm .Murphy: TECHNICALANALYSIS OF THE FUTURES MARKETS. Horst. Robert C. RJV Financial Services: TRADING WITH FIBONACCI WAVE PROJECTIONS.eceyu o o osutn “ofm o co c q r i F oacWae r etn y s g s p w rsetprah i nci v p j i b ui ai l okheapoc. Practial and easy to use Fibonacci p j tnehi eTahso hwtcnt cad cn r a r e i t n u.. New York: Golden Press. b o co n m e ” BIBLIOGRAPHY: FIBONACCI REFERENCES Adler..B IIHJ U N L F yo ei” RTS O R A O h s PSYCHOLOGY 67. Pages 408412 cover Fibonacci fan lines.. Extremely comprehensive. This is one book I would consider indispensable on the subject and was the single best reference I was able to locate on Fibonacci. and time zones. . FIBON-ACCI QUARTERLY 1 (February 1963): 53-64. B s . Beerbower. George. NJ: Prentice-Hall. NATURALLOGARITHM. THE GIANT GOLDEN BOOK OF MATHEMATICS. arcs. Balzer. 1960. the logarithmic spiral.be “h G l n etn ejid . A We .T e i ncieune st perIN t e ai S “h Fb acSqecA I pa n a r” n L o A s u. Isaac. n J a s br T e o e Sco ae . Englewood Cliffs. 1 (1976): 11-15. 1960. James R. Irving. B n fl Jad . Fibonacci time targets. New York: Doubleday & Co. Prechter: ELLIOTT WAVE THEORY.

H. Emmett. William.A r vs o a . UNDERSTANDING FIBONACCI NUMBERS. U. FIBONACCI CYCLES AND COMMODITY PRICE BEHAVIOR. Chapter 15.S. (December 1964): 320-22. n oy n R dl lvg “ o e Men f e aiTA t n. CA: San Jose State University. 1984 Duffy. 4. 1979..T e i nci u br” I . Albert J. Joe. d uo At ot G l n a ot s h a f e . Inc.F oacB s Te C ag pis b e n n. Greenville. AN INTRODUCTION TO FIBONACCI DISCOVERY. TIME POINTS: ANALYSIS TECHNIQUES FOR PREDICTING HIGH. TECHNICALANALYSIS OF STOCKS. The FibonacciAssociation. no. d h H m n oy. Dobson. Br. Joe. DiNapoli. Faulconbridge.. Fibonacci Numbers: Cycles Which Build On The Past. 1965.TME4 pi o s l 1969.F oacN m e n Wa rouo n g. Tucker J. New York: Dover Publications. San Jose. Pages 403416. SC. 1979. INTRODUCTION TO GEOMETRY.FB N C I U R L Y1 u a B d”“IO A C Q A T E 7 (December 1979) : 340-44. Traders Press. D v . f b s e li C n o” IO A C Q A T R Y1 ( pi 92: ot l FB N C I U R E L 0A r 17) r. Cook.Bxousseau.M. The Fibonacci Quarterly: The Official Journal of the FibonacciAssociation 2. . Alfred. FIBONACCI MONEY MANAGEMENTAND TREND ANALYSIS TRADING COURSE. FIBONACCI SUMMATION ECONOMICS PART I. Eng. E e H w rW. Theodore Anreea. D ine R l“i nci u brad t Pltn e i r o . Coxeter. THE CURVES OF LIFE. New York: Dover Publications. d “ h Fb acN m e . OPTIONS AND FUTURES: ADVANCED TRADING SYSTEMS AND TECHNIQUES. LOWAND TREND CHANGE D T S“i nci a d r d hne o t” A E . l 299-302. Edward.

Gardner. Garrett. New York: Harcourt Brace Jovanovich. INVESTING FOR PROFIT WITH TORQUE ANALYSIS OF STOCK MARKET CYCLES. __. Knopf. 1961.S IN II A RC N c w tD A l u s CE TFC ME IA . Santa Clara University. .FB N C I U R E L 4N vm e17) og 377-79 Fischer. 1956. Matila. 4. CA: 1963-1986. G r e Mai “ Ds so oH laS ut e. MAGIC AND MYSTERY. 1979. Santa Clara. FIBONNACCI QUARTERLY. c i i r u sr sr so N Mo cl .T e l lFs ntn f e i ncieune t p i i h b ” SCIENTIFIC AMERICAN. The 2nd SCIENTIFIC AMERICAN BOOK OF MATH EMATICAL PUZZLES AND DIVERSIONS. Robert. b ed v Pyioy“IO A C Q A T R Y1 (oe br96: hs l . Joseph and Francis. THE GOLDEN SECTION COMPAS. 1980. Ghyka. e e e” June 1963. New York: Golden Press. LEONARD OF PISAAND THE MATHEMATICS OF THE MIDDLE AGES. William C. _____. Gettings. New York: AlfredA. Helen. o C r a nr rn A i us n f eclt c r f m ok d . ___“h Muie ac ao ot F oacSqec. Gies. The Fibonacci Quarterly: The Official Journal of the Fibonacci Association 3. THE MEANING AND WONDER OF ART. FASCINATING FIBONACCIS: MYSTERYAND MAGIC IN NUMBERS. March 1969. t. no. (December 1965): 309-14. Fred. _____. New York: Simon and Schuster. . Trudi Hammel. THE GEOMETRY OF ARTAND LIFE. Pages 84-95. FIBONACCI SUMMATION ECO NOMICS PART II.Faulconbridge. _____. Albert J. Garland. F ce K r“h F oacSqecE cute iN r i hr ut T e i ncieune non r n e e s . MATHEMATICS. New York: Dover Publications. Published by The Fibonacci Asso ciation. 1963.ART THROUGH THE AGES. MATHEMATICALCIRCUS.

Jay. u. .e eE“ u br hoyT e i ncieune I ogtVr r .Pgs A A A Y I. 1968. ee br95 a r” MIH O IN D cm e17. hrs Loa o i nci FB N C I U R E Y i C ae. hp r.al T e o e Sco it ai N te s r s . H ga.GOLDEN SECTION.. 1985. 1970. San francisco: W.N m eT er h Fb acSqec. MATHEMATICS. a . Kn.Alan. Pages 23-32. A HUMAN ENDEAVOR. (Film) Hambridge. J.D. e n“h G l n etn n t rs” IO A C a e d i e i. H fr l m . FIBONACCI AND LUCAS NUMBERS. 1976. Kaufman. BREAKTHROUGHS IN COMMODITY TECHNI C L N L SSC at 6“atiA a s. H r a .FsFb nl i” ae e ys 91-118. d i e ls a d tn Mui” IO A C Q A T R Y9D cm e17) s .E. QUARTERLY 14 (December 1976): 406-18. Wilmette. IL: Films.H. H. Palo Alto. Lr nPu “h G l n etnnh Eret o t We e a o. Hamon. enr Fb ac” IO A C Q A T L g l “ d o . . 1969. Chapter 2: Winning With Fibonacci. Huntley. Jacobs. Pages 192-197. h a h o ” FIBONACCI QUARTERLY 1 (December 1963) : 41-46. MATHEMATICS IN NATURE POSTERS. l “ i c i s o a N t e S T S NA . 1978. Macmillan Films. n t n : o ” 1977 YEARBOOK OF SCIENCE AND THE FUTURE. THE DRIVE PROPORTION: ASTUDY IN MATHEMATICALBEAUTY. Harold R. THE ELEMENTS OF DYNAMIC SYMMETRY. Perry. J.ADVANCED COMMODITY TRADING TECHNIQUES. Hoffer. Windsor Books. Hamon.T e o e Sco adh Att FB N C I ei . “ut r per c ot Fbncieune o dm AF F r eA pa ne f e i acSqec. Boston: Houghton Mifflin.D. COMMODITYTRADING SYSTEMS AND METHODS. Inc.FB N C I U R E L (ee br98: c 513-15.A g R t O crT r got r n o e Wi a s Mai ao cu h uhuAt d f. _____. 1 (December 1963): 15-19. Freeman. CA: Creative Publications. H d nH l . Chicago: Encyclopedia britannica.

Arthur.L N ’ G L E R TOS S E l . and pages 408412 (applications). Smith. Garth E. Boston: Little. Brown & Co. THE ELLIOTT WAVE PRINCIPLE. 1957. TECHNIQUES OF A PROFESSIONAL COMMODITY CHARTANALYST. IO A C p o i tn ” QUARTERLY 10 (December 1972): 643-55.L w a.E. Prechter. IL: Scott Foresman & Co. Pages 394-398 (principles). ELLIOTT. New York: Viking Press.FB N C I o i e a e QUARTERLY 8 (October 1970): 428-38. NG O HA DF O C m r g hm snD A c O R WT N R M. THE GOLDEN SECTIONAND RELATED CURIOSA. Vodopich. Robert. Peter.S m S in Pootn it d ri i e s f c B lB r k FB N C I U R E L 9D cm e e ao...Anthony.Fb acD a ae ae . T o po. New York: World Publishing Co.Fbncieeit sl ss m” IO A C edBA “i acSrsnh o ryt . Ravielli. 1923. Prechter. SECRETS OF THE GREAT PYRAMID. TECHICALANALYSIS OF THE FUTURES MARKETS.d a A “o e tk g rprosnh Muio o m nE w r . Don. TRADING FOR PROFITS WITH PRECISION TIMING.. HISTORY OF MATHEMATICS. 1972. Runion. ’onr l m S O K . l a E TA D H R A S PakC a e. THE MAJOR WORKS OF R. Glenview. . n l P A K S O D NS C I NC A G I T E D L N ’ G L E E TO H N E N R N LOCATOR SYSTEM. 42-44. Robert. Tompkins. hrsP A K S O D N A I Y T M. IO A C Q A T R Y ( ee br a t ” 1971): 527-37. D. . S a . Meyer. Sklarew. Peter S. R a. Murphy.. Stevens. a bi e y d University Press. PATERNS IN NATURE. Jerome.. OC no Wii . John J.T C WH A . Pages 39-40. FUN WITH MATHEMATICS. 1952. E“i nci rng Ptrs FB N C I hr W. TRADING WITH FIBONACCI WAVE PROJECTIONS. New York: Dover Publications.N. ’r W. 1974. 1917.ANADVENTURE IN GEOMETRY. RJV Financial Services. N P A O H .

DEFINITIVE GUIDE TO FUTURES TRADING. Vol.Vorobev. Larry. 1. . Pages 251-267. Williams. N. FIBONACCI NUMBERS.N.

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