As evident from the chart below, the week concluded by testing an ‘alternate’ AB=CD bullish formation at 32,973 (depicted by a 1.272% Fibonacci projection ratio). You will note that the AB=CD pattern is joined closely by a descending resistance-turned-support taken from the high of 36,952 and trendline support extended from the low of 18,213.
Like the S&P 500 this week (and potentially subsequent weeks), buyers from the current structure may aim for the 38.2% and 61.8% Fibonacci retracement ratios at 34,005 and 34,659, respectively (common upside targets derived from legs A-D).
Like the S&P 500 this week (and potentially subsequent weeks), buyers from the current structure may aim for the 38.2% and 61.8% Fibonacci retracement ratios at 34,005 and 34,659, respectively (common upside targets derived from legs A-D).