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[tradesurfer]

did anyone else notice that on the long term chart of the sp500 we recently hit the .886 fib retracement of the entire mega decline from 2007 top to 2009 low ?

It looks like we hit the .886 retracement level almost exactly within a dollar or so of margin of error. And now we have steadily rejected that.

I view this as a huge development given the extreme power and significance of the .886 fib retracement level.

Of course it is all about probabilities, but of the many charts I have seen where a stock moves off of a .886, they tend to be huge and fast moves.

http://www.esignalle...204/screen1.gif

http://www.886retracement.com/


Also important to note is that the nasdaq and sp500 formed a perfect gartley pattern ending on October 5 2012.

These 2 facts seem to put a lot of power into the case that we are going downtown big time and that the recent top was a biggie.