The Dow is down 910 points since a reader emailed us this crazy bearish chart

At exactly 11:00 am ET on Friday, reader Ethan S. emailed us a bizarre chart.

“OK so this a case of back fitting, I get it,” he said. “And I’m a designer not an economist, but it’s still interesting to think about…”

Smith attached this chart:

Since we received Smith’s email the Dow is down 910 points and there’s no relief in sight.

Fibonacci is a commonly used technical indicator used by chartists to determine key support and resistance levels in the financial markets. We’re not sure if it’s being used correctly here. But it doesn’t look good.

NOW WATCH: RED EVERYWHERE: It’s a global market meltdown

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.