SPY Fibonacci resistance levels
Trying to suss out where we go from here. If we stay in the falling wedge, I'm expecting resistance/support at Fib lines between the Feb 2020 high and the Dec 2018 low / March 2009 low. Other lows and highs from 2019 may act as resistance, but those are fairly close to fib lines.
Would not be surprised by wedge top and Fib levels to act as peaks before continued falls to lower fib levels, or as a breakout point out of the falling wedge and acting as support going forward. ($298, $285 or $281 resistance, $272 support)
Going around 50 days out from the peak, the wedge top sits at the 02/2018 low and the 0.786 fib retracement to the 12/2018 low, down 25% from the peak.
Hopefully we never see this, but, eventually the falling wedge hits major support at the $200 area, a 40% drop from the peak, with 0.5 fib retracement from the 2009 low and the 02/18-12/18 low support line.
Not a professional, not advice, just a thought experiment.
Would not be surprised by wedge top and Fib levels to act as peaks before continued falls to lower fib levels, or as a breakout point out of the falling wedge and acting as support going forward. ($298, $285 or $281 resistance, $272 support)
Going around 50 days out from the peak, the wedge top sits at the 02/2018 low and the 0.786 fib retracement to the 12/2018 low, down 25% from the peak.
Hopefully we never see this, but, eventually the falling wedge hits major support at the $200 area, a 40% drop from the peak, with 0.5 fib retracement from the 2009 low and the 02/18-12/18 low support line.
Not a professional, not advice, just a thought experiment.
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