The Dow Jones Industrial Average DJIA, +5.45% has been catapulted 3,316 points, or 17.8%, in the past two days, including Tuesday’s biggest one-day percentage gain in 87 years of 11.4%. To put that rally in recent historical perspective, the Dow has retraced 30.3% of the 10,959.49-point, or 37.1% plunge, in the 27 days from the Feb. 12 record close of 29,551.42 to Monday’s 3 1/2-year low of 18,591.93 amid fears of the impact of the COVID-19 pandemic. Many chart watchers say the first key retracement target, based on the Fibonacci ratio of 0.612, is 38.2%, which would put the Dow at 22,778.46. The next key Fibonacci retracement targets are 50%, at and 61.8%, at . The idea is that if retracements stay within 61.8% of the prior move, the market remains governed by that prior move.