Fibonacci retracement levels

Using a low of 6495 for the DOW and a high of 11,240 we can calculate the Fibonacci retracement levels. The two likely scenarios are:

11240 - 6495 = 4745
4745 * 0.618 = 2932

First scenario:  6495 + 2932 = 9427 <= potential retracement level = we almost got there today.
2nd scenario:   11240 - 2932 = 8308 <= potential retracement level in 2nd scenario.

Note: My market low and high values are approximate. I was too lazy to try and look the exact numbers up.  But I am still not convinced that the bull market has yet returned despite any rally we might see.  I might consider buying some puts on the market indexes in the neighborhood of 10600 - 10,800 if we get there.