The 3166.00 major Gann square is now the swing point
The break with the close back below the 3166.00 major Gann square on Tuesday was only able to go 38.2% back at 3108.00 keeping the market very strong. You can now use 3166.00 as the swing point for tonight and tomorrow's close. Provided they get another close above it the long term target is the cluster of major Gann squares up between 3466.00 and 3488.00. Two other levels of resistance are the major Gann squares of 3266.00 and 3370.00. With a close back below 3166.00 look for a trade down to the 200 day average at 3025.00, this is also 61.8% back to the 6/15/20 low. To do any damage to the up trend it will have to take out the long term swing point at 2980.00.
To get a greater understanding of the Fibonacci retracements, take a look at our Youtube video on the Intro to Fibonacci retracements.
The video can be found here, https://youtu.be/8tHXKavOjpw