XJO Chart

Some interesting Fib history here when combined with a bottom in the Stochastic`s, after every crash since 87..old resistance becoming new support at the 50% Fibs..the GFC was a major long term correction at 62% of the 87 bottom (as was the 87 bottom from its previous run up) but the majority were 50% combined with a bottom in the stochastic...were at a 50% now with an obvious old resistance /new support level at the 5k mark but Stochastic still trending down..(hasnt bottomed yet)..looks like there might be a dead cat at this current 50%..but if that doesnt hold in the near future, well be looking at 62% for support around 4.5k which is in no mans land really...with no significant support or resistance there..that could be the start of major long term impulse waves down to next old res /new support zone at about 3400!..this target is most likely imo