Goodnight, SPY. It's been a slice.
Updated
It's been a great run, hasn't it!?! Well, this could be the end (at least for now). FIB levels dating back to 2018 bring us right to this moment. Rejected perfectly today in the 413.80 region (which is also the 1.618 from the Feb 2020 high to March low). Certainly, there are lots of other FIB #s that could line up, but this one looks pretty compelling since I believe we are in a CORRECTIVE wave pattern (not a 5-wave structure that many others believe we're in). Essentially, we just hit the top of B. Get ready for a drop! Props to Jeffrey Tenant for confirming his thoughts on this pattern. (Follow him. He is brilliant.)
Note
Note: ES may have to hit its 1.618 as well (4153.50) for the idea to come to fruition. We'll see! We are close.Note
For those who think the idea is dead: The next couple of weeks will give us a better idea of whether it’s alive or dead in accordance with the weekly candles. If you go back to 2018 and retrace (starting at the Sept 2018 high to the Dec 2018 low), you’ll find yourself at the 1.618 in Jan 2020. It breached it, came down, went back up in Feb, and then by end of Feb, we know where that went. So, the idea is long from dead.
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