AMEX:SPY   SPDR S&P 500
95 2 0
Weekly Chart. Fib. 161.8 is am area to respect.
me too eyeing that area.. let see how it playout.. there r few EW analysis are labelling this area as w3.. if so.. i wonder where w5 end??
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fibline PRO mkdeep04
Good eye by you! I have much respect for the E.W. Chartist.

The Daily chart has confluence of Support nearby. This provides uncertainty to me when the Weekly & Daily are conflicting.

I will say that he Fibs. need to be respected, especially at key ext. levels. E.W., Andrews' Pitchfork, Harmonics, Gann et al. all rely on Fibs. to some extent.

Cheers.

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