SPY with Fib levels.
**Three major drops in 2024 were roughly 5.9%, 9.7%, and 4.3%. The current drop is 3.1% so far.
** Price should’t go below $537—if it does, that would be a lower low, signaling a trend change.
** I drew Fibonacci retracement from $537 to the recent high of $586. We’ve already seen a 38% retracement at $567, with the next levels at 50% ($562) and 61% ($556).
** Price may fund support at either of these three levels - 38%, 60%, or 61% retracement.
** Price should’t go below $537—if it does, that would be a lower low, signaling a trend change.
** I drew Fibonacci retracement from $537 to the recent high of $586. We’ve already seen a 38% retracement at $567, with the next levels at 50% ($562) and 61% ($556).
** Price may fund support at either of these three levels - 38%, 60%, or 61% retracement.
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