SPY Look at Fibs Confluence Levels for Potential S/R Levels

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Fibs retracement and extension levels are taken from all major swings in price and then these retracement and extension levels are compared against each other to see how/ they line up, or if any of them line up.
Areas that get a lot of these lines within the same price form "confluence zones" and are the likeliest candidates for becoming major pivot areas in the future, if they haven't already.
It's interesting that the 1.14 extension from this whole bull run (2009 bottom to the current top in 2015) lands right in one such confluence zone, telling me that it's another likely candidate for a top, if price ends up making new highs.
A few more interesting notes:
1.) The 1.5 fibs extension from the dot-com bull market called the current top almost perfectly, with the help of some confluence of other fibs extensions. I marked its "call" with the lowest of the two very thick dotted black lines (the second up is its 1.618 extension ).
2.) The 3.0 (300% line) of the first major correction to the 2008 bear market calls this top almost perfectly as well.
3.) The first minor correction after the 2008 bear market retrospectively came within a few points of calling the 2007 bull market top.
Great notes James, where do we go from here, that is the question?
+1 Balas
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