If we draw a fib from the March 2009 bottom to our current ATH we can see that price has reacted to almost every single fib level on the way up. 78.60: first stop on the way up after the March 2009 bottom was the 78.60 level where price experienced a pullback and then rallied through it. Guess what happened next? price retested that level and continued upward. 61.80: even though there wasn't a lot of action around this level we can see a tiny retest in the month of June 2013 however more on this special level later. 50.00 and 38.20: price lived between these two levels for just over 2 years from mid 2014 to mid 2016. It first found resistance in the 38.20 multiple times but was also able to find support in the 50.00 multiple times. After rallying through the 38.20 it again retested that level and continued upward. 23.60: no reaction on the way up on this level however it halted the December 2018 mini crash and stopped it from becoming something more sinister. 0.00: and now we are searching for that elusive top and 0.00 level. This level could very well be higher up, way higher up, however if we measure a move down from current levels to the very special 61.80 level we get a -48% drop which if we compare it to the previous 2 crashes it is certainly a very possible outcome.
This analysis is for my own reference to check in a couple of years. This is not trading or financial advice. Price Target 1600 ETA May 2022
I like it. I've had similar "visions" for a while and published them. However, my target is not as low as yours. Above all, it's very unusual that the most important level 0.618 shows no reaction at all. There's something wrong.
I draw the Fib Retracement the other way around. Besides, such a massive correction will definitely not happen in one single wave of 3 downwards. There's going to be an A-B-C, in my opinion (i.e. 3 down, 2 up, 3 down). We will see. :-)
armandoizquierdo
⋅
@ReallyMe, Thanks for your comments and for sharing your ideas. I also like your target. A bit more sensible. Either way interesting times are ahead for sure. We shall see.
ReallyMe
⋅
@armandoizquierdo, With pleasure. Times are going to be interesting especially for those who are on the right side of the trade. :-)
Lucid_Liquidity
⋅
I sure as hell hope you are seeing them things. I will be down there at the bottom ready to sell everything that is not nailed down and I am going all in on VOO, SPY and a whole bunch of individual stocks that I am seeing that are due for reversals
I draw the Fib Retracement the other way around. Besides, such a massive correction will definitely not happen in one single wave of 3 downwards. There's going to be an A-B-C, in my opinion (i.e. 3 down, 2 up, 3 down). We will see. :-)