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"Getta Way Doggie, I'm in Charge Here"

3 D, 10m. - Feb. 23 - Gap up at open stalled prior to 61.8% Fibo Line (Gold Spot) and fell back into a sustained move to the downside.
2D, 5m. - Feb. 23 - Fibo retracement of 23.8% gave opportunity for re-entry at 76 for a short with resumption of downward move into the close.  In a strong trending market retracement and reversal at 23.8% Fibo is common.  Internals were weak all session.
10D, 60 min. - Feb. 23 - 9 Day Bear Potato sustained.  Ten point variance in Potato.
6M, Daily - Feb. 23. - Nov. lows are challenged.  Longer term Bear Potato prevails (Gold Spot).  The larger question is what will happen when the lows are breached.  Will be get capitulation selling or just trend lower.  Of course a rally could occur but where is the economic or political news that would trigger that action.

Leonardo of Pisa "Fibonacci" - 12th. Century Italian Mathematician
2D, 10 min. - Feb. 20 - High/Low Resistance and Support is identified for the last five days and boiled down to two days.  Fibonacci retracement lines are drawn as above.  "Critical" level is 50% as to whether move is sustained or not.  That is around the 78.00 mark.  If the SPY goes above 61.8% (78.51) there is a high likelihood that the upward trend will be sustained.  If it drops back below 38.1% (77.48) it is more likely to fail and go lower.  Also note that this activity is all within the Devil's Den and caution is advised.  We still have a Bear Potato intact.