From the very beginning of the capital market in the world all its participants have been trying to answer the question whether there are irregularities that provide for anticipating changes in share prices. It is, obviously, not the matter of a precise prognosis, since this is not possible, but determining, as precisely as possible, a moment of changes in the trend, and support and trigger levels of the changing price.

The fact that prices change in trends is obvious and proved by research conducted in different markets for several years with the use of Dow and Elliot's theory. The second problem of a concern to investors is whether regularities, if any, are the same and have the same effect on developed and developing markets. The majority of research may be classified to one of major group of methods, i.e. technical analysis, fundamental analysis and portfolio analysis.

The article attempts to identify regularities in trend changes at the Warsaw Stock Exchange, and answer the question whether Fibonacci's numbers (a sequence and a ratio) are adequate with predicted changes in trends in a young, developing capital market, as the Polish one and its major element - Warsaw Stock Exchange. Time, price, and time and price analyses with their advantages and disadvantages were presented. The article is illustrated with examples taken from the Warsaw Stock Exchange.