Fibonacci Target Hit

By on May 20, 2010

For those investors believing in technical analysis, an important milestone was reached according to Trader’s Narrative:

The 61.8% Fibonacci retracement from the 2007 market top and the March 2009 bottom projected to 1225.70 for the S&P 500 index:

These levels are watched by technical oriented traders because they believe that it is at these levels that the trend will exhaust itself and reverse. The S&P 500 didn’t quite reach that level, only managing an intra-day high of 1219.80 in April 2010.

There is more speculative commentary at the source link directly below.

Source: Trader’s Narrative
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