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I love this chart.  

In 1982 I was a young man and I remember there was a tremendous excitement (there were no computers or internet) that some bullish breakout had happened. The market had been going sideways all through the 70's. Somehow the technicians then knew something in the market had changed. For the positive. Reagan had been elected. Maybe they sensed freedom and true capitalism had a chance. I don't know. Maybe it was just volume and the rapid rise you see at the start of these chart. I am not an expert on the Fibonacci fan and I don't have enough experience to know if this chart has any predictive value. But I believe that there is order in the universe. I know most charting folks are pragmatist and don't give a crap about this. But I find it amazing that the price has so many points of reversal with the Fib lines. IFFFFF the market reverses here then the support lines of this chart will likely be important. Take care. Enjoy your weekend. Tom B