This is a simple study where I use the SPX to GDP ratio on the log scale in an attempt to determine how far (on the long-term) the current post-COVID sell-off rally can go.
As you see the ratio is within a Channel Up since 1971 with clear Higher Highs and Higher Lows. I used the Fibonacci Channel to identify the pressure points and as you see the 0.382 - 0.618...
