S&P500 has recovered a bit, but I'm not optimistic

FX:SPX500   S&P 500 Index
I think we're seeing the start of a new down-turn. If we break above my purple fib line (6), I'm expecting more growth, but I think the more likely scenario is that this current uptrend recovery has exhausted itself. Investors are no more confident than they were a week ago--and are now rattled and gun-shy. I'm targeting another leg down to the 1930 area.
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