The mighty battle over the May 2 high (1422.72) continues. We got close yesterday (1420.19) before we suddenly fell off. Have the bulls failed? Will the bears now break this market below 1384.11 which would point to a downward slide to at least the 1340 level? I don’t know; but here are some interesting facts about the price action (see today’s chart).1) 1384 is 90 degrees from 1422 on a Gann wheel.
2) The dates of May 2, May 9 and May 14 make a symmetrical Fibonacci Triangle.
3) The point of sharp reversal yesterday (1420.19) is at a Fibonacci cluster associated with the swings from the May 2 and May 8 highs to the May 9 low.
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