Asphen
2023-07-02

S&P500 Weekly Chart Analysis - Bear Flag Full Retrace to 4812!!


Background

- 3 Jan 2022 was the high for S&P500! = 4815

- Bear Flag from then to the bottom on 10 Oct 2022 would give rise to Fibonacci Retracement to 2 key Fibonacci levels


Fibonacci 38.2 - This is often a level where if the price action do not get back above, bear flag will play out with a collapse 


Fibonacci 61.8 - This is often referred to the golden level at which if climbed above, there is a good likelihood there will be a full retrace to the start of the bear flag ==> Back to S&P500 4815!


Point of no return - The dead set line which is broken above will almost always full retrace and that is Fib 78.6 at 4550!


So, take your pick. As long as we stay above 4300 and 4160!


Clear as mud! Good luck, all!

Bulls take the stairs and bears take the lift. So brace yourselves for the ride. 


@CaptainTiger  @Deposit  @LMSunshine  @melson  @TigerStars  

$S&P 500(.SPX)$ 

$SPY(SPY)$ 

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