I thought I would have some fun with SPY using fib retracements so we can see the power of these numbers on the charts from 1993 to current day.
I've used three fib retracement here.
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#1 - The first is the 1993-2007-09 run. ($42.81-$157.52)
Note the .786 low in March of 2009 came within pennies of the retracement number along with all of the other important touches
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#2 - Jan 2016 - Current ($181.02 - $319.09 ish)
For the next Fib retracement I began on Jan 2016. I've done so as it was the first monthly lower low that we put in since March of 2009 breakout. I used the Jan 2016 low ($181.02) as our starting point and we can see the December 2018 low boucing off of .618 when we place our high around 319.09. There is a ton of confluence here in the Jan 2016 to current run if you take a look at it.
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#3 - 1993 - Current - Total ($42.81-$319.09 ish)
Finally I put together an all time overlay Fib retracement from 1993 to current and we can also see all of the important touches on our total retracement.
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I'm likely wrong, but I sure see a lot of importance with these three fib retracements and thought I'd share to see the power of using fib retracement in our analysis as another tool.
Enjoy!
I've used three fib retracement here.
---
#1 - The first is the 1993-2007-09 run. ($42.81-$157.52)
Note the .786 low in March of 2009 came within pennies of the retracement number along with all of the other important touches
--------
#2 - Jan 2016 - Current ($181.02 - $319.09 ish)
For the next Fib retracement I began on Jan 2016. I've done so as it was the first monthly lower low that we put in since March of 2009 breakout. I used the Jan 2016 low ($181.02) as our starting point and we can see the December 2018 low boucing off of .618 when we place our high around 319.09. There is a ton of confluence here in the Jan 2016 to current run if you take a look at it.
--------------
#3 - 1993 - Current - Total ($42.81-$319.09 ish)
Finally I put together an all time overlay Fib retracement from 1993 to current and we can also see all of the important touches on our total retracement.
------------------------
I'm likely wrong, but I sure see a lot of importance with these three fib retracements and thought I'd share to see the power of using fib retracement in our analysis as another tool.
Enjoy!