May or may not be significant but we have a 720 point range (2 Gann circles of 360) in a Fibonacci 34 days.(2 days sideways would have a squaring of price time at 36/720)
Thursday was a shooting star,if not a strong example as the body overlapped with Wednesday.Friday was an inside day,signifying indecision (but not a harami because it was not within the real body of the previous day.)The bear pattern would be confirmed by a close below the low of the shooting star.
7 weeks can be a termination cycle(Gann called the fast 7 day or 7 week move the "death zone" rally.The gaps on this chart may be supportive of this,indicating possible exhaustion.
On the weekly chart,as with most indices,last week was 55 weeks from the low,another Fibonacci number,and another reason to think we could reverse.
After posting this I had a look at the s&p to see if there was a potential squaring of time and price to fit the 7 week exhaustion cycle and noticed a perfect 360 degree move on the square of 9.This means price moved one whole revolution on the Gann wheel (or square of nine) from its low point to the high and indicates a possible complete cycle
Mathematically a 360 degree move can be calculated by taking the square root,adding 2 and squaring.Thus 360 degrees from 144 would be 196.There are many uses of the square of nine and it is somewhat esoteric, but combining time cycles with price cycles, eg 3 months and 360 degrees in price,often yields reversals.
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