The Dow Transports are moving to a potentially significant Fibonacci level

The Dow Transports just tested down to 2695, which is very close to a 2692/2693 level identified on the monthly chart (below). This is a long-term Fibonacci retrace that I've mentioned before. Now, I also had identified ~2600 as a triangle target on the daily chart, so it may be that the transports poke under the big-picture .786 retrace at about 2692 to get closer to 2600, before the possibility of a decent rally.

Just how significant this Fibonacci retrace level may be, will have to be shown by this market after testing it. My sense is that it has good potential to be significant, so I'll keep an eye on it in this area.