S&P mini - Huge Drop Incoming?!?!?!

17 de mai. de 2022

As I posted on May 1st that the S&P was going to have a major move. At the time we were still above our box of support ($4,050 - $4,150). Now we have broken below that key support range and are currently retesting it. Most likely we will flip OLD support (green arrows) into NEW resistance (red arrows). Therefore, if selling occurs in this zone it could lead to a much larger market crash. We would need to start closing candles above our key $4,250 level to negate this scenario. So far, our Fib levels of our move from 2020 lows to 2022 highs have been very accurate. With our 0.786 ($4,250) being very key and currently our 0.618 ($3,810) being where we have recently found support. The next levels to watch for if a crash does occur is 0.5 ($3,500) and 0.382 ($3,180).