Quote from FreeMarketRider:
Fib levels seem to do a decent job of identifying make or break support & resistance in wavy markets. TA is subjective and so results are hard to "prove". The need for rigid rules vs subjective decision making is a function of where you are at as a trader.
"seem" "wavy" "subjective" "hard to prove" etc. etc.
This could also be said of reading chicken entrails or tea leaves. So many believe in their witch doctors. They usually put on a very good show that entrances the believers...