S&P The 0.618 Fibonacci is the key

The current sequence on S&P has been seen before, in fact in late June. It was again a Channel Down on the 4H chart with the MACD on a somewhat Inverse Head and Shoulders formation.

The June fractal failed to break above the 0.618 Fibonacci and the Channel made one more Lower Low before the smooth and sustainable 2 month bull run took place.

Coincidentally S&P failed to break the 0.618 Fibonacci today and naturally got rejected. It is obvious that this holds the key to a potentially new sustainable rally, otherwise we might see a new Lower Low within the Channel.


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