A simple FIB (plus a sprinkling of GANN) for the
SPX500 tells a big story ... in my opinion.
Of course it is very early days(weeks) before this chart reveals the truth of whether this is just merely a S/T "coincidence"....
BUT note that the last time we had a 323.6%(same as maxi48's 423.6%) range 'target' stopped this market in its tracks(mid 2015) it resulted in an ~ 15.2% correction. That 'range' was based on our
666.7 2009 Major Low up to the 1st Higher Low reaction(1010.91).
NOW, our current high levels (say 2400+) is another 323.6% Fib range extension target and yet again based on the range up from the 666.8L ... i.e. our 2nd Higher Low reaction(1074.77).
To add to the 'coincidental' significance of this current high(2405.77) is it has happened in the 66th week from our 3rd(major) Higher Low(1810.10); the same time it took between our 1st and 2nd Higher Lows ... AND ... a GANN squaring of that
666.7 Major Low.... the Creepy "Devil's" number ... If you are superstitious!
Anyway, I'll leave these 'coincidences' for you to ponder over the Weekend.... but I'm on the short side(until that 2405.77H is taken out)and looking initially for any reaction around those 2 x Uptrend lines shown(~ 2280) and if they fail to support the expected fall then I'm looking for a re-test of the ~ 2128/34 support zone and major Fibs levels ... But that would still only represent ~ a 11.3% fall.
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(20min delay)