It's been a great run, hasn't it!?! Well, this could be the end (at least for now). FIB levels dating back to 2018 bring us right to this moment. Rejected perfectly today in the 413.80 region (which is also the 1.618 from the Feb 2020 high to March low). Certainly, there are lots of other FIB #s that could line up, but this one looks pretty compelling since I believe we are in a CORRECTIVE wave pattern (not a 5-wave structure that many others believe we're in). Essentially, we just hit the top of B. Get ready for a drop! Props to Jeffrey Tenant for confirming his thoughts on this pattern. (Follow him. He is brilliant.)
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Note: ES may have to hit its 1.618 as well (4153.50) for the idea to come to fruition. We'll see! We are close.
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For those who think the idea is dead: The next couple of weeks will give us a better idea of whether it’s alive or dead in accordance with the weekly candles. If you go back to 2018 and retrace (starting at the Sept 2018 high to the Dec 2018 low), you’ll find yourself at the 1.618 in Jan 2020. It breached it, came down, went back up in Feb, and then by end of Feb, we know where that went. So, the idea is long from dead.
Your thoughts on key support at 412 being breached? Would think very bullish for at least 3 months ahead, next resistance at 430
rmajoran
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@poister198, The idea isn't really about support levels as much as it is about Fib levels. I would say the idea holds unless ES severely breaches the 1.618 (4153.50).
Expect SPY 440-450 by end of April due to beating earnings on AAPL, AMZN, CRM and TSLA. These 4 will help sustain SPY uptrend. AAPL new event on Tuesday20th will help SPY. AMZN new premier suscription more than 1 million will send AMZN above 4500. AAPL will hit 190-200 by end of April. CRM easy 300 breakout downtrend channel this week. TSLA easy 1000 is coming. So buy these 4 stocks instead of SPY. SPY will rise but slow. You rather buy explosive stocks