That SPX weekly chart was a Fib chart that I put together
several months ago which calculated the .618 measured move of the
prior up leg. That projected a top around 2140
area.
The move from 1821 to 2079 (early December high) was 258
points.
258 X .618 = 159 pts.
Then add 159 points to the 1981 (December pullback low) give you
a .618 ext target of 2140.
The dashed lines were added by Matt later as simple support
areas (nothing else implied).
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Praetor: That SPX weekly chart was
SPX Views
Posted by steve on 22nd of Aug 2015 at 12:24 pm
Praetor:
That SPX weekly chart was a Fib chart that I put together several months ago which calculated the .618 measured move of the prior up leg. That projected a top around 2140 area.
The move from 1821 to 2079 (early December high) was 258 points.
258 X .618 = 159 pts.
Then add 159 points to the 1981 (December pullback low) give you a .618 ext target of 2140.
The dashed lines were added by Matt later as simple support areas (nothing else implied).