Based on Fibonacci, I believe #US500 could retrace to $4700, seeking support at the 38% Fibonacci level. This level aligns with resistance points on Dec 23. Personally, I don't anticipate a correction beyond the 38% Fibonacci, as the 61% is too low, and the rally seems strong.
Be cautious with Fibonacci levels:
- Fibonacci level 23.6%
- Fibonacci level 38%
While waiting, consider taking action. An option is to sell a PUT OPTION with a $4700 strike in 30 days, collecting a $182 premium, essentially a pass-and-collect strategy.
Be cautious with Fibonacci levels:
- Fibonacci level 23.6%
- Fibonacci level 38%
While waiting, consider taking action. An option is to sell a PUT OPTION with a $4700 strike in 30 days, collecting a $182 premium, essentially a pass-and-collect strategy.