Has anyone noticed the Fibonacci retracement levels are perfectly positioned now for a correction? Check out the Dow, Nasdaq, S&P and Soxx indexes with Fibs from last Spring's lows. Coincidence? Comments?
Post some charts so everyone will know what fib retracements you are referring to. Which ones, and from which levels? Internal retracements like .618 and .786, or external like 1.272 and 1.618????
You wrote in the your original post: "Has anyone noticed the Fibonacci retracement levels are perfectly positioned now for a correction?" You have drawn the potential support level fibs IF we are at a top right now, and IF the market corrects. In your original post, I think it might be misleading. I read it as there was a confluence of fibs at the top that are signaling a correction or down move, which I show in my attached gif file in the third post of this thread.
Also, if you were to do a EW analysis, the down move (bear market) unfolds in a impulse 5 wave, and the current up move might be the start of the bear market correction that unfolds in a ABC pattern. If we were at a top last week, you would have the expectation that price would come down to a .618 retracement of the last up swing. However, I have always felt that EW analysis was highly subjective.
No problem, and I wasn't trying to start a debate, so I hope you don't think I was trying to attack you or something.
And a 50% retracement of the downmove in the S&P off the top in 2000 will give you 1161 A fibonacci 78.6% retracement (61.8 squared) in the Dow Jones can take you up to 10,770 Good Luck to All.