3232 versus 3838

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Well THIS is fascinating, and I only stumbled upon it this weekend. Please take note of the Fibonacci Retracement Levels spanning the bottom of the financial crisis all the way up to the lifetime high this year. Keep in mind this is an enormous span, lasting fourteen years.

Here is what is simultaneously exciting and terrifying – – we landed EXACTLY, and I mean EXACTLY at the major retracement on Friday (3838). This may be a major support level already. On the flip side, if we can manage to fail this level, it opens up the trap door to our next target, 3232, which would be an important low for the new year.

I raise a glass of Christmas cheer to the hope that we get the latter!