Froddy
Member
- Messages
- 1,072
Chaps,
The S&P has today reached the 1.272 fibonacci extension of the Feb 2020 peak to March 2020 trough. Bear in mind that it also coincides with the upper limit of a well-established broadening formation. This could be significant, given all the other red flags which I have previously spoken about.
If this plays out, we MAY see some continued strength to create an upper candle wick above this level, and then a fall either in a couple of days or early next week.
Or they may just keep buying, power through and not look back!
It's a key level, so expect dramatic action (whichever way) very soon ...
The S&P has today reached the 1.272 fibonacci extension of the Feb 2020 peak to March 2020 trough. Bear in mind that it also coincides with the upper limit of a well-established broadening formation. This could be significant, given all the other red flags which I have previously spoken about.
If this plays out, we MAY see some continued strength to create an upper candle wick above this level, and then a fall either in a couple of days or early next week.
Or they may just keep buying, power through and not look back!
It's a key level, so expect dramatic action (whichever way) very soon ...
Last edited: