Just a quick update to yesterday's post on the SPY. I mentioned that it was nearing the top of a megaphone structure, and that the 78.6% fib retracement from the February highs to the March lows was just above that megaphone. Today, we opened just below the top trend line of the megaphone pattern and pushed right up through it, and then ran up in the final minutes and tagged the 78.6% fib to the penny at 313.22 before reversing.
If this was the end of the bear market rally, that is an ideal reversal point. With the 50% and 61.8% fib retracements, we did not get a nice clean rejection like we have with the 78.6%.
Let's see if that was it, folks!
If this was the end of the bear market rally, that is an ideal reversal point. With the 50% and 61.8% fib retracements, we did not get a nice clean rejection like we have with the 78.6%.
Let's see if that was it, folks!