Why Fibonacci Works along with Ichimoku - $SPY - ExplainedYou read a lot about Fibonacci and realize it's everywhere but you doubt it. It is too good to be true. I present the chart where it shows that you gotta believe it. Well let's put it this way. If some believe in Fibonacci and trade accordingly it will move the market and that is exactly what happened today. I am still long on AMEX:SPY (I have gamble puts expiring Feb)
Still long because it respected the support. I believe it will be range bound as 476 is a huge resistance because if it crosses that it has to fly, There are lots of headwinds and the market has already built in the rate cuts which may come sometime later. One thing to note which no one is talking about - If there is a rate cut what does it tell you about the economy!
