I am not an expert on Fibonacci. My understanding of it is that investors "like" certain values. Those percentages I listed are those values commonly seen once a bottom(support) or top(resistance) has been found. It is not based so much on time, in that the time to the bottom, may or may not be the time to the next top.
Since we had an 8.70 loss since the high in Sept, the next resistance should be(Fibonacci) 50% of that or 4.35 added to the low of about 28.08(?) so 32.43. The theory goes that if we sail through last support the retracement down to the next support will be in Fibonacci steps of support and resistance also. How quickly that occurs is driven by externals. How the public reacts to those externals follows the sequence.
Whether this has merit or not, I believe that is the rudimentary gist of Fibonacci market sequences. Others more knowledgeable than myself are welcome to expand upon or correct my thinking.
I am hoping for that 100% retracement before EX....;-)