The 161.8%XA extension of the 2007 high and 2009 low has been resistance on the upside since the start of this year.
We have been watching this chart for years in anticipation of price reaching the 161.8%XA extension. We shouldn’t be surprised to now finally see the long debated and infamous pullback.
Currently we see a possible XABCD pattern, where we would have a possible PRZ of the CD leg down, starting at 202.93
this is in line with the lower range the SPY has been trading in since beginning of February.
Daily chart SPY