[Soultrader]

Here is a setup play using both fibs and pivot point clusters.

First you take the 50-61.8% fib range of a decline of more than 25 points. You are looking for price to hit resistance in this zone.

Second anytime this zone clusters up with a key pivot, it will act as a stronger line of resistance.

In this example we had the daily pivot and 50% fib cluster. Price then declined for a quick 15 points. It is always good to target the swing low as an exit point.