SP 500 weekly chart
Here is my SP 500 chart showing A-B-C wave structure of this bull market completed.
There are two Fibonacci retracements one for the final Wave C
and one for the entire move. The long, thick lines are the Fibonacci Retracements for the entire wave up. Notice how the .38 retracement lines up perfectly with the last major cyclical peak before the 2008 financial collapse.
This is not a coincidence and would certainly be a very high probability that
this area would be a minimal low for this bear market, as bear markets go that would be a very hopeful outcome. It is much more likely we go down to the
.50 (1400) or.618 (1227). Glen Neely of Neowave trading has a good record and he is pointing to this area. He seems quite certain we will not see a full retracement or beyond as in the previous two bear markets.
Right now price is sitting right at a confluence of the first .286 retracement level of Wave C AND the major 0-B trendline at 1885. If this level gives (similar support has already on the Transports and Russell 2000) things could accelerate rapidly.
There is minor support at 1730 ( .382 of Wave C)
Then nothing really until at the prior bull market peak and .382 of this bull market at 1574.
Notice towards the top the Fibonacci time extension. This entire bull market hit exactly the time it took between the last two bear market lows!