Some people draw fibs from the wicks, some from the bodies... I kinda like to compare both and see how price action lines up in either. sometimes one misses out while the other hits directly. sometimes they're both right or 'close enough'.
Looking at the s&p, we've got 2 charts here on the daily, drawing fibs for our recent correction. the first chart showed 2734 area as a key to take out to go higher - which we fought the past 2 days and finally broke through and stayed above at the close yesterday. the 2nd shows 2745 as the key to break through, which futures did last night but are now trending right at that line.
I'm staying long and continuing to look for strong names that took a hit in the correction but haven't quite recovered. $AAPL for example did a great V recovery (cup and handle formed?), $CSCO resisted the correction hard but very briefly succumbed (and i bought 37s!), and strong names like $BA took very brief hits multiple times but has trended up with strength again.
Names like $JNJ, $MMM, $V, $UPS, $LOW, $HD, etc... are all sitting in their lower correction ranges and haven't fully recovered yet. look to buy some of those bargains.