The V-shape recovery in 2019 reversed in early May with a 7.7% pullback. So I think that would be a minimal target.
A 7.7% pullback from the recent top is 2721. However that is only 30% down from the recent top.
At 38.2%, the target becomes 2666.
At 50% the target is 2573.
At 61.8%, the target is 2485.
I am no looking beyond 61.8% unless Fed is giving up.
A 7.7% pullback from the recent top is 2721. However that is only 30% down from the recent top.
At 38.2%, the target becomes 2666.
At 50% the target is 2573.
At 61.8%, the target is 2485.
I am no looking beyond 61.8% unless Fed is giving up.
Comment:
Note 7.7% pullback happens to be the 50 DMA. .