test_fibonacci_example_2

gistfile1.txt

# Example 2, Big chop on 1 May 2024
swing_low = 56500 # 20240501
swing_high = 64000 # 20240425
retracement_level = estimate_fib_retracement(swing_low, 2, swing_high, 1)
''' 
Fibonacci predicted bounce back to 61135.0 (vs actual 64.5k on 4 May 2024). 
What happenned?
a) weaker than expected employment data
    Unemployment act 3.9 est 3.8  https://tradingeconomics.com/united-states/unemployment-rate
    Non farm payroll act 175k est 243k https://tradingeconomics.com/united-states/non-farm-payrolls
b) Dovish Feds Powell
c) ETF inflows usd378mn on 3 May bought the dip (https://www.coinglass.com/bitcoin-etf). 
'''
print(f"Fibonacci predicted, after market chopped from {swing_high} to {swing_low}, market will chop to {retracement_level}")