S&P500 has never broken the 786 of its prior "bear market rally" without continuing to new all time highs.
Back tested it. Feel free to do it yourself.
It will barely breech the 618, and many times even lesser retraces, if it is to continue lower.
The only Occurance I have found was Monday December 2nd 2002. Which the rally hit the full retrace of its prior bear market rally, and then retraced to put in a 3rd higher low.
Right now we have put in a similar head and shoulders reversal pattern as back then. I am suggesting were at the circled yellow portion of this picture, relative to then.
Back tested it. Feel free to do it yourself.
It will barely breech the 618, and many times even lesser retraces, if it is to continue lower.
The only Occurance I have found was Monday December 2nd 2002. Which the rally hit the full retrace of its prior bear market rally, and then retraced to put in a 3rd higher low.
Right now we have put in a similar head and shoulders reversal pattern as back then. I am suggesting were at the circled yellow portion of this picture, relative to then.