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The last rally from our long term swing of 16,300 took the market to new highs. As you can see on the chart every setback on the rally from the 3/13/20 low came right back to a Fibonacci retracement of either 23.6%, or 38.2% keeping the trend intact. The last setback was just the same and to show just how strong the market is, it could only go 23.6% back to the 9/9/20 low. We always want to know what the extreme retracements are, but when a market gets into an extended move you have to tighten up the levels by bringing the retracements from lows that stand out above the extreme low, as you see by this recent low at 23.6%.

Aside from the Fibonacci retracements we also use Gann squares for price analysis based on his "Law of Vibration" theory. The long term target of 24,500 is based on this. There are other Gann squares before this at 20,600 and 22,500 you can use each of these as a swing point once they get a solid close above them.

The long term swing point remains at 16,300, on a violation of this level look for 13,500.

The Gann square can be done from more than just the extreme levels, so the hourly chart below has the secondary Gann squares on them. These are marked by the yellow horizontal lines. They are to be used as support and then resistance once they are taken out and vice versa, So they become swing points and the next square being a target.

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