Currently we are in Wave C correction, the last wave of correction in this 12345abc structure.
We got support at a YELLOW support trend line that started since Nov.
Currently Wave C is in between 0.5 to 0.618 FIB Extension of Wave A.
Ideally I'd like to see Wave C correct to at least to 0.618 Extension of Wave A.
So if the yellow support line fail, we will see if it hold the 0.618 extension of Wave A Level
Or what's after that would be 0.786 extension of Wave A, or a 0.618 retracement of the previous 12345 Impulse wave patter.
Fundamental can play into the Fib level I mentioned, we can have a slow chop down to those level until US president take office and announce his plan to improve the country's economic outlook.
To simplify what I mentioned above, here is our support target for entry (trade at your own risk)
$3110.96 (0.618 extension of Wave A).
$3029.16 (0.618 retracement of the 12345 Impulse Wave Structure).
$2942.10 (0.786 extension of Wave A).
$2735.29 (0.786 retracement of the 12345 Impulse Wave Structure).
$2727 (1.0 extension of Wave A)
Happy trading, don't catch the falling knife.