SPX500 headed to 4900 after a bounce? Retrace Road Map per Fibs
Updated
Follow-up to my previous 5137 Top Call (click).
Markets appear to be retracing finally.
This could be just the start of correction.
Minimum next leg depicted goes to 4900-ish.
$ 5109-5137 is major resistance that may be retested.
$ 5044-5049 a minor support that will hopefully bounce.
$ 4896-4924 is next major support and BEST GUESS target.
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Markets appear to be retracing finally.
This could be just the start of correction.
Minimum next leg depicted goes to 4900-ish.
$ 5109-5137 is major resistance that may be retested.
$ 5044-5049 a minor support that will hopefully bounce.
$ 4896-4924 is next major support and BEST GUESS target.
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Note
( (( < PING > )) ) Zoom in (m5)
"Ping" = Exact and Violent ricochet off a fib that you can almost HEAR.
Such a reflection alerts and energizes ALL of the fibs in that series.
So we will look for this bounce to top 5055.4, a sister of our bouncer.
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Note
Follow up to last snapshot:We got the fib-to-fib bounce and THEN some
Zoom back out to h1
Next target is our key zone,
$ 5109.5 is a Covid fib,
$ 5137.4 is a Genesis fib
So that will be our best expectation for today.
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Note
Follow up to last snapshot:We hit the expected target with a pretty loud Ping.
PING as in "Give me a ping Vasilly, One Ping only please"
IF we are to get another leg DOWN,
then THIS is the spot to start that leg.
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Note
Almost back to our "Major Resistance" again,.
Zoom in (h1) and adding a fib to our the bounce:
Looks to be a very good fib based on clean reactions.
.
Zoom in more (m5) with some notes:
Spike from FOMC news slammed exactly to our local 9.471 at 5096.8.
Then was immediately erased with subsequent dip to new lows,
started recovery process and getting back in sync with our local fib.
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SUMMARY;
- Looks likely to retest our resistance one more time
- We have a local fib that looks to be in control for now.
- Looks like stop hunts, to go higher without as many riders.
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Note
Indeed, that dip after FOMC spike was to take out bottom buyers: As proven by the rapid rise since that bottom,
which blasted through our resistance zone,
and hopped past the major fib at 5137.4
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Zoom OUT (h5)
Bulls are well above the "Major resistance",
but expect a retest of at least to of zone,
and bulls should want a retest of 5137.4.
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SUMMARY:
- Bulls have pushed past the "Major Resistance"
- Odds are bottom is in, but expecting a retest.
- So watch the major fib at 5137.4 a critical support.
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