In addition to the 3400 are that I have been referring to lately as a possible target, I want to also note this alternative. If we are reaching into a market low (as I think) and not heading into a crash (which I don’t think it terribly likely), we can see a big reversal when we find the price institutions want it at, and it will almost certainly coincide with a fib relationship somewhere.
Here is one that’s a little higher than 3400. We can count the whole structure as a 5-3-5 with good fibs at 3473, like this:
If we do get to a level like that and see a big reversal bar (hourly bar at a minimum), it will be a good sign. So, I will be watching this level (in addition to the others).
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