We use fibonacci fans in the CIL. Anchak was the first to use them heavily and Columbia has done some fantastic work with them in his charting.
I use them only occasionally myself. They are a fantastic auxiliary tool when used with other TA. But every once and awhile I go back to my fan chart.
I had not looked at this chart for a few weeks, but went back to it when I was working on my currency pair charts. This is very interesting:
The rally bounced off of and closed above the 78.6% fan line for the latest Minor A-B fan.
Combine this with my last currency pair post EUR/USD Breakout? showing that the US Dollar might take a small breather and my updated count Teamwork Baby! I think we have a good shot of finally starting Minor C.
Also note my longer term projection on the chart above and how it fits with my longer term projection Dust, Wind... Dude
Yeah I think we will get a rally for the next couple of weeks for a few percent. But I would mainly view it as an opportunity to get into some long term shorts at a better price.
My $0.02
Solaris's Observations - see comments below
