Fibonacci Analysis

So after recent volatility in the markets, I decided to plot out a Phi Channel on the Daily HTF and a fib retracement from the low on the daily chart to the most recent high.

5250 is a very sticky psychological level that needs to be broken by the bulls.

I give both my bearish and bullish potential projections here. What the range may look like over the next couple of weeks, I do know that it will be volatile and I expect some consolidation and sideways movement. I am long a SPY Calendar spread at the 525 strike with 9 dte on the short and the next expiration date for the long.

I expect short sellers to take profits on Thursday giving the market a lift, along with retail likely buying the dip, being the Permabulls that they are, at least as represented by wall street bets.

I expect volatility to remain elevated but come down a bit for a day. I think we will consolidate and grind slowly to the upside into the gap on the market profile, I inserted a TPO type chart from ThinkorSwim in an image which shows where the last distributions would indicate a high probably of a slow burn to the upside. Though I predict more downside to come as I believe earnings expectations for some of the largest stocks will be much too high and they will surprise with lower figure than anticipated.