History of FIB extensions shows SPY coming into reistance

6 dic 2020

Here is a chart with FIB extensions measured from the pull back lows to highs going back to 2009. I find extensions to be a highly reliable predictor of support and resistance zones. We are now at an area of confluence for two FIB extension zones. I'm not trying to call a top here just pointing out a zone of potential resistance that has played out in the past. It's important to note that I always wait for price action to confirm a change of trend in any zone that I identify on a chart.