Looking at a potential reversal target for the S&P 500 as we move beyond the election year into 2025. When scanning backwards on the previous high from late 2021, we can see price action clearly retested the speed fib on multiple weeks before a final rejection that induced the mini bear market which ended Oct of '22. Following that same speed fib forward into 2024, we can clearly see price is NOW, once again, retesting this magnetic fib zone.
To figure out where this is all going, let's measure from the Jan '22 high into the Oct '22 low.
Here, we get a 1.854 and 2.0 fib extension which intersects with the speed fib in question. Making some assumptions that price will AGAIN, range and retest multiple times before resolving, we can overlay "bars pattern" (from Jan '21 HIGH - Oct '22 LOW) and see when and how this could play out.
Now, we wait and see how this movie ends!
Note: Not trading or investment advice. ENTERTAINMENT ONLY!
To figure out where this is all going, let's measure from the Jan '22 high into the Oct '22 low.
Here, we get a 1.854 and 2.0 fib extension which intersects with the speed fib in question. Making some assumptions that price will AGAIN, range and retest multiple times before resolving, we can overlay "bars pattern" (from Jan '21 HIGH - Oct '22 LOW) and see when and how this could play out.
Now, we wait and see how this movie ends!
Note: Not trading or investment advice. ENTERTAINMENT ONLY!
Trade closed: target reached
Reversal NAILED on the tick. Impressive. I give credit to the Fib speed fan, UN-INVERSION of inverted yield curve and FED rate cut timing. Same playbook as in years past. Can't make this stuff up. Now we wait for the bottom of this move. Hopefully at the .382% retracement level, near 5100. 
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.