Learning Post:-
IHS calculation
Peak of shoulder minus peak of head
= 89460 minus 86050 = 3410
Now
You have to take
23% of 3410 = 784
38% of 3410= 1295
50% of 3410 (big resistance) = 1705
61.8% of 3410 (big resistance) = 2107.38
78% of 3410 (smooth resistance)
84% of 3410 (smooth resistance)
100% of 3410
123%, 138% and so on
And you have to add this all numbers into head when ever market is between and shoulder
Means between 86050 and 89460
Untill then add digits into 86050
Once market cross neckline of shoulder means 89560
Then again you have to add all those digits but now into 89460
So after breakout
Targets will be
89460+ 784 = 90244 (and we all know 90300 is an important number according to OHLC and it was earlier support too)
So this is how
Fibonacci levels work
I hope this learning was useful
Fibonacci you can draw directly too but sometimes it doesn't give you accurate levels
This mathematics will give you accurate levels