The long term target of 2930.00 has been hit.

This target came from the fact that they reacted from 38.2% of the 3/23/20 low and the all-time high, this was 2641.00. Ideally this should have sent the market to at least retest the low, but as always on any move you have to watch all the retracements to see the strength or weakness of the market, in this case the break from this area was only able to go 38.2% down. This was a very positive sign and we were then looking for them to take out the 38.2% at 2641.00. This did happen and in our April 6th up date on the website we posted that with a solid close above 2641.00 the next long term target was 2930.00. For those of you who have read the Fibonacci rules and guidelines on our website, you would know that once they have reacted from 38.2% the next target on a close through this was going to be 61.8%, this is your 2930.00.
As for what to look for now after hitting 2930.00, we again go back to the Fibonacci rules and guidelines, the target after hitting 61.8% is to look for 61.8% of where they just came from. This is 2475.00. As mentioned above we will watch all the retracements on a set back to see just how strong/weak the market is. We would look for at least 38.2% back at 2665.00, but you will also have to watch 23.6% of the rally at 2780.00, if this is all they can do, look for a quick rally to new highs. As an example of how the 23.6% level works, just look at last weeks low at 2718.00, this was 23.6% of the move at that time and that took the market up to the 2930.00 target, a 220 handle move in 6 days.

With a couple solid closes above 2930.00 with the second one being higher than the first, the target becomes 78.6% back to the all-time high, this is 3130.00.
This analysis is based only on the Fibonacci retracements.
At ONE44 analytics we use many more tools all based on the underlying structures of the markets based on price and time. Also on the chart below are the major Gann squares, these are the horizontal yellow lines.

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