SPX: Long-Term Fibonacci Channels

After encountering old chart, I though to redefine some coordinates.

It played out well, however I would like to experiment using actual chart-based extremes to predefine levels.

Measuring historic market's most significant HH & LL with fibonacci channels to project psychological levels into the future. Logarithmic scale is a must for this type of analysis.

Fibonacci Channels:

1. Using bottoms for direction: Oct '74 & Mar '09 (complete cycles); 3rd point mapping extreme Mar '00 Top for a range.
2. Direction: Mar '09 bottom & Covid bottom; relating to Jan '22 top to define more relevant range.

Using multiple Fibonacci channels enhances trend analysis by providing a broader perspective on price movements. This approach identifies key price levels, confluence zones, and trend strength more effectively. However, it’s important to avoid overcomplicating the chart by focusing on the most relevant channels that align with the overall market direction.