Here's a chart of the S&P 500 that's nicely adhering to standard Fibonacci Pinball. Will it continue? I don't know. But I do know that with this rubric we have a lens through which to perceive price movements and to extrapolate actionable information. Let's review:
We have our (i)-(ii) with (ii) being irregular, but in real life action corrective moves are often not "standard" or simple. Off of our (i)-(ii) we project the fibs upwards by measuring wave (i) and projecting that measurement up from the completion of (ii).
We then have 5 up for i of (iii) to the .618 followed by a short and sharp corrective pullback for ii of (iii) on the FOMC announcement. Since then the action has been extremely directional -- very characteristic of the heart of iii of (iii) -- up to a hit of the 1.236, which is exactly the fib target after wave i of (iii) turns down from the .618.
Next: Support for iv of (iii) is to be found between the .764 and 1.0 extensions. Assuming price does not penetrate through the bottom of this region we'll next be looking up to the 1.618 for (iii).