This technical short fib played out well during the first test of the 68.1% retracement. From there I drew an extension with the anchor continuing from the bottom of previous fib. Yesterday before close, we touched the 50% retracement mark at highs, and had a MASSIVE rejection. This is EXTREMELY bearish and I have now adjusted my short term target to 3551.
I've been watching SPX/SPY very closely to see which direction it decides to go through the rest of the year. We are at a VERY IMPORTANT range. Initially the top trend line acted as resistance and short bias looked to be validated with the reject of the 0.681 golden zone. You can see a bounce off the shorter term long bias 0.681 retracement almost perfectly from...
