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Are the lows of 1982 still impacting the 500 index today? The low in 2002/2003 found support at the 50% Fibonacci support level at (1). After the 500 index rallied up to prior highs, creating a double top in 2007, the next decline happened to stop at the 61% Fibonacci support level at (2).
A multi-year rising wedge formed since 2009 and the bottom of the wedge has now been broken in the past few months. Will be interesting to see if these key Fib. levels ever come into play again!
If GE2 takes place, these levels become very important!!! (see GE2 post here)
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Chris
Thanks Chris for the reply its helpful to know the exact levels..
What charting software do you use?
S…per the big picture, you mean 840 don’t you?
The Support level is 1140?