Remarkable Russell

Ever since Jerome Powell demonstrated he has absolutely no backbone, and is far, far more concerned about having his feelings hurt by a mean tweet than he is about the long-term stability of the United States, the equity markets have been on an explosive ascent.

I would like to quietly point out something that 99.9999% of people are unaware of, which is the Fibonacci retracement spanning the entire decade-long bull market of the Russell 2000:

 

I direct your attention to that tinted area.

Looking more closely, we can see the Fibonacci level is at 1442.60. What was Wednesday’s highest price point? I’ve shown it below. That is 99.9875% close enough. Astonishing. Just astonishing (assuming it holds).

Of course, the weak-willed and timorous Powell may continue to give his ostensible boss more gifts, terrified as he quite evidently is. But if this level should hold, I think we can all raise a chalice to Mr. Fibonacci and the mathematical insight he has provided us all.

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