Still Expecting SPY to Hit 107.1

I have drawn the fibonacci retracement levels from the 101.13 low to the 113.19 high. Due to the strong impulsive nature of the selloff I expect this slide to retrace at least 50% of the entire move up, which happens to correspond to 107.11 (one cent off the gap fill target, how convenient). Furthermore I wouldn't be surprised if SPY drops farther to the 61.8% retracement at 105.68. But if SPY drops much farther than that then I believe SPY is on it's way to take out the 101.04 low.

But I have drawn these levels because they serve as targets to begin going long at. I will open long positions between 107.1 and 105.68, if we drop much farther than 105.68 then I'll have to take losses on my longs and accept that SPY will break 101.