To be very clear. This is not a top or crash call at all. Just observing previous market history compared to today.
Observing the previous multi-year consolidation from 1968 highs to the1980 breakout. Price found resistance @ the -0.618 and entered a correction that backtested the previous multi-year consolidation.
Currently observing price is struggling to trade past the -0.618 of the multi-year conslidation from yr 2000-2013. Price can easily trade past the 2100 level. However, backtesting the previous multi-year consolidation as support would be healthy for the sp500.
This is all bs atm. Am publishing this chart at TV for my future reference.
Observing the previous multi-year consolidation from 1968 highs to the1980 breakout. Price found resistance @ the -0.618 and entered a correction that backtested the previous multi-year consolidation.
Currently observing price is struggling to trade past the -0.618 of the multi-year conslidation from yr 2000-2013. Price can easily trade past the 2100 level. However, backtesting the previous multi-year consolidation as support would be healthy for the sp500.
This is all bs atm. Am publishing this chart at TV for my future reference.