Do Fibs Lie?

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The very long-term Fibonacci fans that I follow on the S&P 500 index show we're getting awfully toppy here. Take a look at how the prices were supported back in 2006/2007 (green circles) by these fan lines. Once it broke the line, it tried to recover (the leftmost red circle), but then all hell broke loose (feel free to take a moment to wipe a tear away at those joyous days).

After a long fall, the market surged up to its recovery high in late April 2010 (red circle), fell some, and then rallied back yet again to a new recovery high. There's still a little room between current prices and the fan line, but I thought this was an important chart to point out, even if it's a week or two early.

Please. Accept the mystery.