Look back at my post a some days ago about watching sectors. You should be looking for a 3.5% to 7% correction in the S&P 500 (unless some extraneous event__S. Korea launch?). The S&P 500 recent Hi was 1687.18. Watch for a failed test of that area. If that wqas the Hi then 5.3% down around 1597 is a good support area to watch for.
I looked back to find this post. So the S$P bounced near my #. Now watch whether there is a failure. On the talking heads channels the amatuer's where talking about 1600. That is not a fibonacci projection.
Well mike... If you take your fibionacci and cram it up your bollinger bands...an interesting thing occurs....your total gibberish is nothing but more reasons to sell.
but hey fib all you like...technicals haven't been correct in 5 years...but hey...bet your fib and i'll raise you a chart. goes lower on lack of earnings. !!!!!!