Thursday, September 17, 2009

SPX fibonacci retracement level confluence

This is a chart of SPX showing a confluence of fibonacci retracement levels from the highs of Oct 2008 - the lows of March 2009...and fibonacci projection levels from the lows of march 2009.
This area of confluence is between 1070 to 1115 with price resistance levels at 1095 and 1109.

Most technical traders pay attention to these levels and I am expecting a test of these levels soon and will be watching out for the next major retracement to about 919.


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