Is this the start of a correction? As could be seen from the chart the the price action in the last two days hes been outside of the trending channel. So, there is a strong possibility the correction is on, and the first down target is at 25% Fib or 5815. There is also 1.6 Fib extension from the 16th Jan at 5826. Therefore, there is 5815 to 5826 range support for this first move.


On Friday though, the S&P 500 reached 38.2% Fib retrenchment at 2067 which potentially could be a low.