SPX reached a level of high resistance and it can be quite choppy going forward. We are at the same time-based fib-degree as 1987. It also fit the time cycle band. Price has shown some weakness already and is way above all meaningful averages.
Comment
⋅
So much resistance :D
Comments
ARGOS1
⋅
Hi Viking83, Do your findings concur if you use a 2009 bull start date?
Also, I am still waiting to further compliment you to everyone on your analysis of 2019 with a $2,000 target. I could not conclude much different.
UnknownUnicorn540299
⋅
@ARGOS1, The resistance level I point out is not a function of 2009. It's a bit difficult to explain, but it has to do with price/time-related resistance. Identifying significant pivots on the chart by looking for what levels price has respected in the past, they guide for the future. But sometimes you need to find pivots that are connected to the obvious, but not observable, so has to be constructed or derived from existing levels. Play around with fib-circles and you will understand what I mean. Price is pure geometry.
Also, I am still waiting to further compliment you to everyone on your analysis of 2019 with a $2,000 target. I could not conclude much different.