After sitting on 61.8% of the ATH and 2018 low at 28,250 for a month, it has taken it out in a big way. The rally from 28,250 could only get back to the 32,441 major Gann square and well below 38.2% back to the 3/28/22 high at 34,190 keeping this market extremely weak. As we have said in previous posts, failing to hold 28,250 should send it to 17,000, this is 78.6% of the ATH and 2018 low, there is also a major Gann square at this level. Before then is another major Gann square to look for support at 20,805.
You can now use 28,250 as the short term swing point, it is also 23.6% back to the 3/28/22 high. Until this area is taken out it is not even worth looking at the other retracements from that same high or, the ATH. We will update those levels once this has happened, so keep watching the ONE44 blog.
This is our latest video on how to use the Fibonacci retracements with the ONE44 rules and guidelines