EURUSD
It has already gone down last Friday, about 1.5 hours before the European session opened.
You would have earned 45 pips from this downtrend.
In fact, it was a straightforward trade as it went down together with GBP, AUD and gold.
Did your fibo thing detect this signal?
If not, then something is faulty with the fibo thing.
so will it go down again?
It might. But I'd say chances are < 50%.
A good signal doesn't come every day.
missing good signals is one of the biggest problems traders face.
You are trying to predict the direction of the trend, which I'm not ; these levels are just points that we look ; only if they are touched you make a decision.
With this in mind, what prevent you from taking some profit during the fall you are talking about ? All this is not in any case a SIGNAL to buy or sell ; just levels that are very likely to be touch by the price ; then it's up to the trader to : either take some profits during the price path towards these levels OR take some profits thanks to the reversal when the price touches these levels. Or both...
Please keep in min that if the price doesn't touch the levels, we do nothing. So you can see that it is not a signal, just a sort of framework from which you can developp a profitable strategy based on this information.