Emini S&P Nearing Key Fib Support

A big picture perspective of the e-mini S&P 500 shows that the decline off of the Oct 27 high at 1289.25 is nearing key Fibonacci support plateaus at 1179.25 and then 1153.50.

Let's notice that since last Thursday's weakness, the e-SPZ has broken and sustained beneath the prior "bullish" coil pattern, as well as my "directional" EMAs of 14, 30, 50 and 200, all of which have rolled over into varying degrees of a negative slope.

The longer the e-SPZ remains beneath 1222-33, the greater the likelihood that the juxtaposition of the EMA's with the price structure creates much more acute downside potential that retraces a greater rather than a lesser percentage of the October advance.