Hourly chart shows additional Fibonacci relationships to Elliott Waves discussed in daily analysis. Today's low represents the completion of the 4th wave in the initial impulse off the lows. A long-term investor could buy in the subsequent pull-back to SPY 180s. Alternately, wait for a possible visit to the 170s. Confirmation of a significant low comes with corrective pull-back and break-out above the coming high at which time long-term investors need enter long positions.
