SPX500 heads up at 5100: major fib cluster with 5137 the key

Updated
SPX500 has just hit a massive resistance zone.
Cluster includes Genesis, Covid, and other fibs.
Expecting a reaction here, perhaps a local top?

5109 - 5166 is the exact zone of interest.
4896 - 4901 is the first good support below.
5429 - 5493 is next major resistance above.

==========================================
Note
Pullback underway:
snapshot
Initial rejection at the lower bound of our resistance zone

That ldashed ower bound fib is from the "Covid Stimulus" wave, here is the full view snapshot I make it dashed on my charts so that I always know which fib I am looking at in small timeframes.

For better clarity, here is the same fib with solid lines, and "Pings" shown
snapshot "Ping"=Exact ricochet from fib that you can almost HEAR.
The many Pings thus far give us confidence in the sister fibs.

So even though we have NEVER been here before, we could still project THIS precisely:
snapshot
that 500 large companies, each with 100's of variables, AVERAGE price would react here EXACTLY!

Thus my continued AWE of the Golden Ratio,
and thus my desire to SHARE this discovery.

Nest we will try to project some targets for the pullback if this is for real.

===============================================================================================
Note
Here we are again:
snapshot
Tickling the bottom bound of our resistance zone, just before US open on a Friday

Zoom IN (15min)
snapshot
Not quite a touch (yet) like last push, lets see with US session today does.

===============================================================================================

.
Note
Here we are:
snapshot
Nestled up against our major fib at 5137.4

Zoom IN (m5) for a closer look
snapshot

Zoom in MORE (m1)
snapshot
And there it is, a PING (exact ricochet from fib that you almost HEAR).

And my rule about Pings:
"Not all Pings start a Reversal,
but Most reversals start with a Ping"

So we await the US session on a Monday to make the decision.

===============================================================================================

.
Note
Lookin"Toppy" snapshot
Pierced briefly but quickly rejected below

Zoom IN (m15)
snapshot
Now watching bottom boundary for possible support, at 5109.50

Let's see what US session does in 8 hrs from now.

===============================================================================================

.
Note
The dance continues
snapshot
back in the zone testing the boundaries.

Zoom IN (5 min)
snapshot
And we see PERFECT fib bounces top and bottom of zone.

Zoom in MORE (m1) and add a fib for the last dip (in red lines)
snapshot
this wave has reinforced our existing fibs.
our Genesis fib at 5137 backed by local 2.618,
our Covid fib below at 5109 plus local 6.236.

So we now have a precisely defined range to watch today

====================================================================================================

.
Note
Follow up to last image above, rejection at the 5137 genesis fib
snapshot
See if we test it again, this is a "high gravity" fib so we might orbit it for a while

====================================================================================================

.
Note
Starting to look a little scary for bulls
snapshot
clearly stuck in our resistance zone still, and wobbling like tops tend to do....

.

Zoom in (m30)
snapshot
Possible "double-Ping top" at a minor fib just above our zone.
"PING" = exact ricochet from fib that you can almost HEAR.

.

Zoom in MORE (m5)
snapshot
The main fib of this idea at 5137 clearly the center of gravity here.
Looks like we are about to test it again during Asian session.

Speaking of Asia, we might have big news in a couple hours:
Bank of Japan is expected to raise rates for the first time in like forever,
so many traders are on the sidelines waiting for the decision in a few hours...

==============================================================================================

.
Note
Here we are again at our major fib at $5137
snapshot

Zoom in (m1)
snapshot
Genesis Fib at 3431 was pierced but trying to recover.

We might get a partial/all retrace of the red candle,
but that pierced fib implies we go lower at some point.

==============================================================================================

.
Note
Another test, this time a PING
snapshot
Ping = exact reflection from fib that you can almost HEAR.

This is bulls' best chance to end the pullback.

===========================================================================================

.
Note
Here we are yet again, 5137
snapshot

.

Zoom in (m5) and adding a fib (purple) of last drop
snapshot

Zoom in more (m1) with purple fib in place and levels flipped to right side
snapshot
Looks like the 0.236 extension of our purple fib is reinforcing our Genesis fib at 5137.4

So 5137.4 is even MORE important now,
if it is broken after being reinforced,
bears will have proven to be alive still.

===========================================================================================

.
Note
And again back to 5137
snapshot

Zoom in (m5) and compare yesterday's test
snapshot
This fib might be spent as support,
yesterdays bounce was clean and violent,
todays bounce is anemic (dead cat ish).

Zoom in more (m1)
snapshot
Subsequent fib bounces are a good sign,
5153.9 the minimum bounce needed,
516x.x might buy some time for bulls.

===========================================================================================

.
Note
Danger Will Robinson, DANGER !!
snapshot
Shields breached, prepare for turbulence!

===========================================================================================

.
Note
Followup to last snap above:
snapshot
Danger indeed! Should have some support at 5109..5.
The dashed fibs are from its Covid Stimulus wave.
Likely bottom for today, see if we get much of a bounce.

===========================================================================================

.
Note
Followup to last update, which was looking for a bounce:
snapshot
We got a little bounce back up to our Genesis in at 5137

Current time is about 12 hours before US open on a Monday.
See if Asia/Europe can hold this area until US decides next direction.

===========================================================================================

.
fiboFibonaccigoldenratioSupport and Resistance

the Golden Ratio is my Religion
the Trading View is my Nation
the Moderator Tag is my Flag

Disclaimer