Next Fibonacci Trading Targets on S&P and Dow
By Mark Braun
01 June 2009 @ 10:14 am EDT
We've been monitoring the Fibonacci Timing ratios on the weekly S&P and Dow cash charts. The confluence of timing factors pointing to a high over the last 2 weeks has indeed held back these markets. The fact that this brought congestion instead of a significant decline points to the probability of more upside as the timing factors clear during this week. There are still some residual timing extensions on the weekly charts so we should take care to monitor price action at the next extension targets on the daily and intraday charts.