The sp500 had a very weak close on last Thursday at 2328.95, decisively broke down 2340. The next stop of sp500 is around 2300. By using the wave 5-3-4-a to wave 5-3-4-b fib extensions to have following estimation of the end of wave 5-3-4 (5-3-4-c)
- 100% fib: 2322.25
- 123.6% fib: 2309.1 (nearby gap: 2307.9)
- 132.8% fib: 2300.7
- 150% fib: 2294.1 (nearby gap 2295)
- 161.8% fib replaced by wave 5-3-3 0.618 fib: 2279.81 (nearby gap 2280.74)
- 200% fib: 2266.14 (nearby gap: 2265)
- 5% pull back rule from 2400.98 high is 2280.93
In summary, either one of the above fibs can act as supports to create bounce, if the bounce can turn into a reversal is to see if it can surpass the resistance zone [2340,2350] and stand above it.
Note: my personal opinion is not for investment but for education and illustration.