Corey, over at Afraid to Trade a a good set of charts that helped show the exact Fibonacci levels for a fe of the dominant U.S. markets as well as some further explanations.

He mentions that:

Traders and investors monitor Fibonacci Retracement Levels for the following reasons:

* to take profits once a level is reached,
* to consider shorting if price finds resistance at a level,
* to signal the “all clear” to continue trading long once a resistance level is broken to the upside

To read more and see the charts, click HERE