I first got interested in charting in 1982. I was young then and the market had been going sideways for 14 yrs or so. And I remember in 1982 there was a tremendous excitement then (there were no computers or internet) that some bullish breakout had happened. Somehow the technicians then knew something in the market had changed. For the positive. Reagan had been elected. Maybe they sensed freedom and true capitalism had a chance. I don't know. Maybe it was just volume and the rapid rise you see at the start of these chart. I am not an expert on the Fibonacci fan and I don't have enough experience to know if these chart has any predictive value. But I believe that there is order in the universe. I know most charting folks are pragmatist and don't give a crap about this. But I find it amazing that the price has so many points of reversal with the Fib lines. IFFFFF the market reverses here then the support lines of this chart will likely be important. Take care. Enjoy your weekend.
