Dog Days of Summer for S&P 500

24 mag 2022

If we perform a fib retracement from the bottom of the 2009 crash to the 4800 top and the bottom of the 2020 crash to the 4800 top. Some of the retracements line up. We have already seen it bounce off the first alignment from just above the 3800 level. The bottom seems to be pointing to around 3200. It probably won't go there right away, as a slight bounce is likely from here to work off the oversold condition followed by the next leg down. If we hit the 3500 level I expect a strong bounce and fake bottom to be put in place. Do not be fooled or use leverage, slowly accumulate positions at these levels.