Week of Oct 16 - $SPY Fib Channels
Fibonacci channel levels for the week of 10/16 to consider.
Note: 2 channels have been drawn; One encapsulating the entire 2022 downtrend, and another capturing the current leg down from the August peak.
- 364.64 - Current 50% retracement of downtrend from August peak. The bottom was confirmed last Thursday.
- 359.96 - 61.8 level, just above the 200 week at 359.19.
- 354.26 - Confluence of both 78.6 level of both channels. Both are very well-tested and proven.
- 348.11 - 52-week low.
- 345.58 - Current channel bottom.
- 339.08 - Pre-Covid Crash High
No guarantees that we'll get to play any of these, but the channel from the August high nailed the bottom of Thursday's ridiculous price action and the top of Friday's.
Note: 2 channels have been drawn; One encapsulating the entire 2022 downtrend, and another capturing the current leg down from the August peak.
- 364.64 - Current 50% retracement of downtrend from August peak. The bottom was confirmed last Thursday.
- 359.96 - 61.8 level, just above the 200 week at 359.19.
- 354.26 - Confluence of both 78.6 level of both channels. Both are very well-tested and proven.
- 348.11 - 52-week low.
- 345.58 - Current channel bottom.
- 339.08 - Pre-Covid Crash High
No guarantees that we'll get to play any of these, but the channel from the August high nailed the bottom of Thursday's ridiculous price action and the top of Friday's.
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