A strong rally on Nov 10 took the S&P 500 above its Nov 1 interim high of 3,911. I think that the rally from the Nov 3 low of 3,698 will reach at least Fibonacci 1.618% of the rally from 3,491 – 3,911 before there is another drop of 5+%. This target is 4,377, which is also in the same general area as the interim high of 4,325 on Aug 16, furthering my idea of this being a resistance area.
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