S&P500 Will the 4H MA50 be enough again?

Last time we saw how the 4H MA50 has effectively worked as a buy entry since the late September break-out:


The recent fall on S&P500 has panicked many but technically it seems like a healthy pull-back taking into account the very aggressive rise since October 06 that broke above the (former) Channel Up.

Moreover, every pull-back after a new Higher High is possible to run on a progressive Fibonacci retracement sequence: first it was 0.918, then 0.786. Both happened to be exactly on the 4H MA50 (blue trend-line). Right now the logical point on this sequence (assuming it is previous Fib - 0.2) would be 0.518. That is exactly on today's low. The 0.618 is slightly lower at 3420 but in my opinion if the index fails to close today above the 0.518 Fib, the true Support to test would be the 4H MA200 (orange trend-line).

Do you think the 4H MA50 will be enough again or S&P will seek the help of the 4H MA200? Feel free to share your work and let me know in the comments section!

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