The S&P500 charts shown below illustrate a pattern within a Fibonacci range where a downturn would be expected. On June 30, 2023 the S&P500 hit a high of 4818.62 with a Fibonacci reading of 354%. This is consistent with the S&P500 hitting a reading of 354% within its trading day on January 4, 2022 before making a 9% decline in January 2022.
Stock charts courtesy of StockCharts.com.
