Fib spirals, Fib extensions, HVF all target the long-term support line.
Projected target is about $2600 - $2800 late May/early June.
Also:
Forcing Fib spiral through that zone of confluence results in several possibilities for the next high.
1. Pink: Lower high within the down trendlines
2. Orange: BO from the down trend and lower high beneath the all-time high log trendline
3. Purple: BO from the all-time high log trendline (exit the bear market)
At this point I favour bearish continuation with a lower high in the pink zone.
nb this is the updated version with correct placement of the next high for spiral 5
Projected target is about $2600 - $2800 late May/early June.
Also:
Forcing Fib spiral through that zone of confluence results in several possibilities for the next high.
1. Pink: Lower high within the down trendlines
2. Orange: BO from the down trend and lower high beneath the all-time high log trendline
3. Purple: BO from the all-time high log trendline (exit the bear market)
At this point I favour bearish continuation with a lower high in the pink zone.
nb this is the updated version with correct placement of the next high for spiral 5