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Below follows a series of updates on several long ETFs. The blue Fib retraces show the standard Fib-retraces for the 2015 high to the 2009 low. Often 2nd waves find support at around the 61.8% retrace and/or the prior “one-degree-lower 1st wave” (in this case Primary I, which is either the 2010 or 2011 high), which is shown in the red boxes..
SPY: Cycle 2 should find support between $125-$100, and more specifically $107-$117
SSO: Cycle 2 should find support between $30-$20 (61.8-76.4% retrace), and more specifically $22.5-$27.5 (red box)
SPXL: Cycle 2 should find support between $40-$26 (61.8-76.4% retrace), and more specifically $22.5-$30 (red box). Please note the blue trendlines, where price found support at the upper last week. the lower is up next…
QQQ: This ETF counts in fact a bit different then the prior (S&P500 related ETFs) as it bottomed October 2008 and not March 2009. As such the price high in 2011 counts best as Primary I. However, the big picture chart shows good support in the red box $47-$57, and the 61.8 to 76.4% retraces are at $58-$44 (rounded numbers)