SPX500 heads up at 5100: major fib cluster with 5137 the key

已更新

SPX500 has just hit a massive resistance zone.
Cluster includes Genesis, Covid, and other fibs.
Expecting a reaction here, perhaps a local top?

5109 - 5166 is the exact zone of interest.
4896 - 4901 is the first good support below.
5429 - 5493 is next major resistance above.

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注释

Pullback underway:

Initial rejection at the lower bound of our resistance zone

That ldashed ower bound fib is from the "Covid Stimulus" wave, here is the full view

I make it dashed on my charts so that I always know which fib I am looking at in small timeframes.

For better clarity, here is the same fib with solid lines, and "Pings" shown

"Ping"=Exact ricochet from fib that you can almost HEAR.
The many Pings thus far give us confidence in the sister fibs.

So even though we have NEVER been here before, we could still project THIS precisely:

that 500 large companies, each with 100's of variables, AVERAGE price would react here EXACTLY!

Thus my continued AWE of the Golden Ratio,
and thus my desire to SHARE this discovery.

Nest we will try to project some targets for the pullback if this is for real.

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注释

Here we are again:

Tickling the bottom bound of our resistance zone, just before US open on a Friday

Zoom IN (15min)

Not quite a touch (yet) like last push, lets see with US session today does.

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注释

Here we are:

Nestled up against our major fib at 5137.4

Zoom IN (m5) for a closer look

Zoom in MORE (m1)

And there it is, a PING (exact ricochet from fib that you almost HEAR).

And my rule about Pings:
"Not all Pings start a Reversal,
but Most reversals start with a Ping"

So we await the US session on a Monday to make the decision.

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注释

Lookin"Toppy"

Pierced briefly but quickly rejected below

Zoom IN (m15)

Now watching bottom boundary for possible support, at 5109.50

Let's see what US session does in 8 hrs from now.

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注释

The dance continues

back in the zone testing the boundaries.

Zoom IN (5 min)

And we see PERFECT fib bounces top and bottom of zone.

Zoom in MORE (m1) and add a fib for the last dip (in red lines)

this wave has reinforced our existing fibs.
our Genesis fib at 5137 backed by local 2.618,
our Covid fib below at 5109 plus local 6.236.

So we now have a precisely defined range to watch today

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注释

Follow up to last image above, rejection at the 5137 genesis fib

See if we test it again, this is a "high gravity" fib so we might orbit it for a while

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注释

Starting to look a little scary for bulls

clearly stuck in our resistance zone still, and wobbling like tops tend to do....

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Zoom in (m30)

Possible "double-Ping top" at a minor fib just above our zone.
"PING" = exact ricochet from fib that you can almost HEAR.

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Zoom in MORE (m5)

The main fib of this idea at 5137 clearly the center of gravity here.
Looks like we are about to test it again during Asian session.

Speaking of Asia, we might have big news in a couple hours:
Bank of Japan is expected to raise rates for the first time in like forever,
so many traders are on the sidelines waiting for the decision in a few hours...

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注释

Here we are again at our major fib at $5137

Zoom in (m1)

Genesis Fib at 3431 was pierced but trying to recover.

We might get a partial/all retrace of the red candle,
but that pierced fib implies we go lower at some point.

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注释

Another test, this time a PING

Ping = exact reflection from fib that you can almost HEAR.

This is bulls' best chance to end the pullback.

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注释

Here we are yet again, 5137

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Zoom in (m5) and adding a fib (purple) of last drop

Zoom in more (m1) with purple fib in place and levels flipped to right side

Looks like the 0.236 extension of our purple fib is reinforcing our Genesis fib at 5137.4

So 5137.4 is even MORE important now,
if it is broken after being reinforced,
bears will have proven to be alive still.

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注释

And again back to 5137

Zoom in (m5) and compare yesterday's test

This fib might be spent as support,
yesterdays bounce was clean and violent,
todays bounce is anemic (dead cat ish).

Zoom in more (m1)

Subsequent fib bounces are a good sign,
5153.9 the minimum bounce needed,
516x.x might buy some time for bulls.

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注释

Danger Will Robinson, DANGER !!

Shields breached, prepare for turbulence!

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注释

Followup to last snap above:

Danger indeed! Should have some support at 5109..5.
The dashed fibs are from its Covid Stimulus wave.
Likely bottom for today, see if we get much of a bounce.

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注释

Followup to last update, which was looking for a bounce:

We got a little bounce back up to our Genesis in at 5137

Current time is about 12 hours before US open on a Monday.
See if Asia/Europe can hold this area until US decides next direction.

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