legs of the minor and has cut through the D-point
without much hesitation. Which major can
be seen using and fibs? Both these
patterns points to the same exact level, which is 1978.
That is the 161 extended D-point of larger pattern and also
the 127 extended D-point of the minor or latter . Such
perfect confluence would very likely cause index to halt.
It is unlikely that index will leave such a big level behind
(and the close by level 2000 of course). a bounce from current
level should find support around 1785 (also monthly S1)
and 1700. Above that Monthly at 1822.
retracement levels are of no importance in this particular case, thus I could have removed them, still, what is important is the
extensions to find the extended D point. To leave the retracements level there can be of interest if you eye glance the chart
to see how price/index has behaved at those particular levels. Retracements are also used to find target levels of completed
pattern. I suggest you look at other of my charts to learn more of this particular method.