AP1) The chart shows the vertical range BC divided into the Fibonacci ratios by the green horizontal lines. Notice how the market recently retraced as far as the 0.5 level, where it failed to close below and reversed. This validates the 0.5 level as a good potential area of support.
AP2) Look at the pink channel lines. They show the descending levels of which have been very important to price action since making the high at C. The market has oscillated between these barriers in a choppy retracement so far. The channel lines have been tested five times and have alternated after each retest.
AP3) Now, look at the rising constructed by connecting the low at B with the secondary low which came soon. You'll notice that the higher descending coincides with the rising from B right on the 0.5 retracement level, which we know has already been tested and validated. The area in the yellow circle is showing multiple horizontal and diagonal price barriers intersecting one another very precisely.
AP4) There is another similar point when the rising cyan is copied exactly and projected from the low that came shortly after A. This is the low is used because projecting from the absolute low at A would cause the to cut through price action. A second yellow circle denotes where the lower pink cuts through the lower cyan . Notice how they intersect right on the green horizontal level from B which was used to obtain the first Fibonacci range. Notice also how the yellow circles are almost exactly vertically aligned. This is not a coincidence.
AP5) The white vertical lines show the time duration between the high at C and the time of the yellow circles. Both clusters land on roughly November 28th which is 62 trading days after the high at C. 62 is a derivative of the Golden Ratio number, phi, 0.618. Markets have a relatively good chance of reversing on or around a significant time candle such as this. This is, of course, much more significant when it coincides with other price/time barriers as in the yellow circles.
AP6) The chart includes a final Fibonacci division of the range from the low at A to the high at C. These are the red horizontal lines.
The 0.618 level also cuts through the lower yellow circle If the market does retrace as far as here, the 0.618 level of the whole prior uptrend could give it a substantial amount of support.
So what will the market do? Well, the points in the yellow circles are not forecasts. They don't necessarily have magnetic properties. If, however, the market does happen to go into one of them, it's very likely it will find a very significant degree of support (or resistance if the price rises from below) and a reversal is probable. The market is not far away from the price level of the higher yellow circle. Be aware that it could find either support or resistance here.
It will be interesting to see how the market responds to these price and time barriers, especially if they happen to coincide.