Fibonacci Support and Resistance on Daily S&P, Dow and Nasdaq

By Mark Braun
07 July 2009 @ 10:04 am EDT

While we've seen a decline from what should be interim targets in price and time, the weekly charts still show outstanding upside targets. For a more solid decline, I'd prefer to see these targets reached first. At the moment we're seeing potential Gartley corrective moves to downside on the S&P and Nasdaq daily charts. Timing for a low starts today and builds into the start of next week, so if we see even a bit more of a decline, the Gartley patterns are actually reinforcing support.

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