$SPY TOP 20
Added 2024-05-07 16:48:48 +0000 UTCThe 0.78 Fib level is at $518.29 and the high of the day today hit $518.29.....so the market is communicating that it knows exactly where this important level is and understands the significance of it, especially in relations to how it behaved at this level in Sept '23 too, where it exactly hit this level too before rejecting.
We can not say that it will definitely happen here because bulls have reacted very positively since they were under pressure last week.
But I do believe if they can flip $518.29 to a support, then the bulls have it and this has one more leg higher to a higher high.
A lot at play here and the story is not over yet
Comments
You seemed quite sure this weekend that a wave 5 up was not in play, but is this what you’re eluding to here now? What made you change your stance? P.S. I did post a chart showing this in the chat this weekend
Byron Tanigawa
2024-05-08 03:27:05 +0000 UTCMaybe watch for a retest of .78 and if it becomes support, bam.
Brian
2024-05-07 22:18:33 +0000 UTCFlipping the resistance level at the 0.78 Fib to support
Gareth Neary
2024-05-07 21:24:09 +0000 UTCHow do we know when bulls win for one more leg up?
Brian
2024-05-07 21:20:38 +0000 UTC
