Fibonacci Timing Pattern

The Fibonacci Timing Pattern is a price-based counter that seeks to determine short-term and medium-term reversals in price action. It is based on the following set of conditions:

* For a bullish Fibonacci timing signal: The market must shape 8 consecutive close prices where each close price is lower than the close prices from 3 and 5 periods ago.
* For a bearish Fibonacci timing signal: The market must shape 8 consecutive close prices where each close price is higher than the close prices from 3 and 5 periods ago.

The signals of the pattern are ideally used in a sideways market or used in tandem with the trend (bullish signals are taken in a bullish market and bearish signals are taken in a bearish market).