If you want to rally, you must first accumulate. This happens on all time frames.
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pezq
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Can I just add that the accumulation often occurs between the rejection of .618 fibonnaci on a higher time frame and .618 on the lower timeframe. I did the analysis on your piece of action to show what I mean.
TradeVulture
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Yes. You don't need fibs to know where levels are though. If you start with drawing monthly/weekly levels, and zoom in to say, to 4hr levels. You will see the same thing. Accumulation and distribution happens as you approach untested levels of significance on all time frames. I'll show you what I mean when I get more time.