[Nick1984]

I use fibs fairly regularly but only for longer timeframes as I find the retracements to be more more complying on longer time frame so therefore i will use an hourly swing high/low combo or daily swing high/lows. The fib you placed looks fine but personally i'd get rid of the other lines except for the 0, 50, 61.8 and 100. If you were looking to short a rally to the 50 or 61.8 then nothing would of come up but that doesnt matter, not good to chase the market anyhow.

Once the market made new lows you can replot the fib and it would of worked as a short
at the gap between the 50 and 61.8. Extensions can be used as profit targets, but I don't personally use extensions.