$SPY TOP 20
Added 2025-02-28 15:09:17 +0000 UTCThere has been some weak selling over the last 2 weeks as the market waited for $NVDA to report and PCE to print and this is typically seen when a pull back goes as low as the 0.78 Fib, where the 0.618 Fib is typically the standard pull back level.
That being said, support has been tested and so far holding today on the 0.78 Fib and the market is green right now.
This is why there are multiple fib support levels that we monitor before we could consider a structure becoming invalid.
Right now we have a steep pull back but the Wave 5 scenario is still very much in place and another test of the $610 level is possible next.
Comments
Could we see a possible rejection at the .618 Fib or does it only matter in regards to support only and not Resistance?
Primefolio
2025-02-28 16:07:51 +0000 UTC
