SPX500: FIBONACCI Analysis
Updated
If you're curious, as you can see on the chart above: A Fibonacci Retracement sequence starting from #4865 hits every single MAJOR arrival/resistance/turned to support LEVEL, down to the bottom of the Covid drop. Its kind of SPooKY, Fibonacci reappears over and over again, and you need to see it to believe it. So apparently in the future #4865 might be an important milestone. Regarding recent events, IMHO I'm Still not 100% convinced we have arrived at a bottom yet although we bought into it because that's one of our rules to buy Wave-A drops. The remainder of Wave-4 corrections can be messy, because various traders are taking profits and it is possible we may see a triangle structure form.
Note
Here is a slightly less BULLLISH alterative count, which correlates nicely with the Fibonacci sequence starting from #4865 to the covid drop
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