Love using Fib and also without just to compare. Its the fastest quick thing with a tool built in IMO. Check this out which does it apply or not don't know. May it is all just be voooo doooo.LOYAL AG said:
This won't be a popular opinion but I think we see continued decline to 3678 ish in the S&P. The Fib drawn here is from the late October dip because it's the most recent pronounced dip we've seen. From this we broke 23.6% today and after flirting with the 50 dma since last Friday we finally broke it today. I could see tomorrow being pretty benign but I think next week we threaten 3678 before we see a reversal.
When I draw a parallel line to the lower longer term ascending channel line, using the low point 10/30 as its foundation, today's intersection would have us touch 367.8 on SPY. That also happens to be within fractions of the Fib level you've highlighted. Same math or calculation probably which is above my pay grade. I just like getting the story from fancy simple pictures.
Lose this area and well....I will have to find another technical indicator to break. 10% pullback puts us around my lowest horizontal line FWIW.
Wealth gained hastily will dwindle. but whoever gathers little by little will increase it.
Proverbs 13:11
Proverbs 13:11