EC,
Yep well it wouldn't want to go much lower than it has if this move up is to keep a reasonable amount of power. A fall below 61.8% about a point below where we are now is suggesting the move up has failed.
Noted also that a 261.8% of that move up into the high is coming out around 1340. SP500 15 min and you can see there was a little bounce off that double fib Friday but then there was the mini wash-out into the close.