Defining the levels of reversals in terms of fibonacci ratios derived from Convid19 crash. Second alternative colored fib channel is placed in respect to established unity.
Old version contained colored fib channels covering period from 2008 crash.
Whereas in current version, the interconnectedness in fibs are based on metrics of Covid19 volatility ONLY. Derived lines capture the randomness of price action. Also, downward channels are adjusted to the frequency of shorter composite cycles.
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Moody’s lowered its assessment of U.S. credit outlook from “stable” to “negative” - Example of bearish catalyst which can reverse the current observable uptrend. So upper fib crossings closer to the price plays a role of resistance at this instance.