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The recent high of 10,359 did trade above 61.8% of the 2019 high and the 2020 low, this level was 10,055, but they never closed above it and as the 61.8% rule stipulates, "the target on a break or rally from 61.8% should go 61.8% back the other way" With this rule, it gives us a long term target of 6400. As always you have to watch all the retracements the other way to see just how weak, or strong the market is. As of right now the low is 23.6% of the current rally (8850), if this is all they can do the market remains very positive and you should look for new highs for the move. It will take a solid close above 61.8% (10,055) to give us a new upside target between the 11,600 major Gann square and 78.6% of the move at 11,800. A failure to make a new high for the move, or a close below 8850 should send it to 38.2% of the move at 7900. You will also have to watch how it trades around the 8450 major Gann square and the 200 day average at 8305.

I want to mention that ONE44 Analytics has a new Youtube video out called "Intro to Fibonacci retracements" that we would like you to take a look at. It will take you through the 40 year history of the S&P futures contract. You will see why all the major and minor low's were based on the Fibonacci retracements. It also gives you the rules and guidelines for them, along with where to continue your understanding of the Fib's. Our aim is to show you why we believe that " The Fibonacci retracements are the underlying structure of all markets" We will also be doing weekly video updates on some tech stocks, so please watch out for those.
https://youtu.be/8tHXKavOjpw
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