SPX 240 minute with Fibonacci retracement levels
My take on this chart: A corrective uptrend has asserted itself and it is approaching the 50-61.8% retracement levels that typically reverse prices and allow the dominant trend to re-assert itself. As my email subscribers know, we respect the trend, whichever way it is headed. For now, it is headed higher, but there are reasons to suspect that will change before too many more points are put behind this market. We know where the Weekly Trend turns up, that will change everything. But we also know where the Daily Trend will turn down and that too will change everything. Thus, we wait. Waiting for everything to change. And it will......
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