I was reading this article this morning which is an excellent starting point for using Fibonacci Extensions. I learned about Fib Ext few years ago in a FOREX trading class and first observed how the big players in FOREX use these. The point for these measures are to give predictive measuring points/levels based on the past in the future. Please note that these only work in highly liquid trades (supernovas, high flyers, etc as indicated in the paragraph ABOVE the section: "Using the Fibonacci Extension Tool")
If anyone starts using these from my post, please let me know as it would be helpful to have others in the active trades highlight their levels amongst us in active trades such as supernovas like RKDA, PTI, DXR, AMTX, etc.