SPX500 - At the .618 Fibonacci level. This is the danger zone
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This is the place to watch for a possible renewal of the downward trend. One of the most common retracement levels in trading and/or anything in nature for that matter is .618. Thursday is a typical turn day so let's see what tomorrow brings. I'll take a new short if the move downward accelerates from here.
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I'm comfortable taking a short here with the stop at 4600
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