Tom DeMark Predicts an 11% Correction

Tom DeMark was just on CNBC predicting an 11% correction in the market so I wanted to draw a quick chart of SPY to see where that would take us!

The blue circle point to resistance and support points over the last 12 months or so. I have superimposed a Fibonacci retracement on the move since October. Interestingly enough, some of these lines almost match. There is a good area for support around 117 or so where we have a 50% retracement and support for the last "breather" the market took in November. That would make it a 10% correction. There is another good line around 114 and that would be a 12% move. Close enough I think. In any case, it would be a healthy move...