Three sscenarios:
1) 12/14 Bottom around Fed Meeting - 367.86. This is .618 retrace from Blue Point C (11/23 high), and is just below .618 fib from 3/23/20 low to 1/3/22 high. SANTA RALLY
2) 12/14 Bottom around FED Meeting - 359.38. This is .78 retrace from Blue Point C (11/23 high), and is below .618 fib from 3/23/20 low to 1/3/22 high. SANTA RALLY
3) 150 percent Retrace from Blue Point C (11/23 high), and is below .382 fib from 3/23/20 low to 1/3/22 high 322.26. Low extends into January 2023. NO SANTA RALLY.
Whether or not SPY can reverse the downtrend channel here yet to be determined. Still a bear until proven otherwise.
1) 12/14 Bottom around Fed Meeting - 367.86. This is .618 retrace from Blue Point C (11/23 high), and is just below .618 fib from 3/23/20 low to 1/3/22 high. SANTA RALLY
2) 12/14 Bottom around FED Meeting - 359.38. This is .78 retrace from Blue Point C (11/23 high), and is below .618 fib from 3/23/20 low to 1/3/22 high. SANTA RALLY
3) 150 percent Retrace from Blue Point C (11/23 high), and is below .382 fib from 3/23/20 low to 1/3/22 high 322.26. Low extends into January 2023. NO SANTA RALLY.
Whether or not SPY can reverse the downtrend channel here yet to be determined. Still a bear until proven otherwise.