This index was the largest gainer of the majors, up over 160% from trough to peak. It is quickly moving to test the long-term uptrend, which is still intact.
I expect that we will marginally break key uptrend support and get the majority really scared before beginning a more stable bounce.
Please review the monthly chart over the past decade for the big picture:
Good call Scottie! … oh, it hasn’t happened yet?? … it will ! 😉
Those are just trendlines going horizontal, not fibo? For fibo levels, here are mine…
860.00 100%
730.00
661.36 61.8%
600.00 50%
538.64 38.2%
462.72 23.6%
340.00 0%