The main Fibonacci coordinate for the forecast of SPX 3050 comes from the bear market October 2007 to March 2009.
This decline from 1576.09 to 666.79 was 909.30 points multiplied by 2.618 equals 2380.54 + 666.79 = 3047.33 target top.
The decline from 2007 to 2009 also targeted the May 2015 intermediate top.
909.30 points multiplied by 1.618 equals 1471.24 +666.79 = 2138.03 target. The actual top in May 2015 was SPX 2134.72
There is another smaller degree coordinate thats in the area of SPX 3050.
The Growth rate of the rally from SPX 666.79 to SPX 1219.80 - this is Primary wave "A" boxed is 82.9% multiplied by 3.618 equals 299.90%
A 299.90% growth added to SPX 1010.91 - Primary wave "B" boxed targets SPX 3032.04 which is close to SPX 3050,
considering this is a nine year bull market with well over a 300% growth rate.
The last major coordinate comes from the SPX bottom at 666.79 a growth rate of 361.80% is 2412.44 + 666.79 = SPX 3079.32.
The main Fibonacci coordinate of 3047.33 is bracketed by 3032.04 and 3079.32.
This bracket is the broad target zone for what could be a major SPX peak.
Also note the paralel trend channel from the year 2010. The upper trend line is in the 3100 area. If the SPX does not top in May in the
3032 to 3079 area, the trend line could indicate a higher peak in May 2018 or later.
Mark
This decline from 1576.09 to 666.79 was 909.30 points multiplied by 2.618 equals 2380.54 + 666.79 = 3047.33 target top.
The decline from 2007 to 2009 also targeted the May 2015 intermediate top.
909.30 points multiplied by 1.618 equals 1471.24 +666.79 = 2138.03 target. The actual top in May 2015 was SPX 2134.72
There is another smaller degree coordinate thats in the area of SPX 3050.
The Growth rate of the rally from SPX 666.79 to SPX 1219.80 - this is Primary wave "A" boxed is 82.9% multiplied by 3.618 equals 299.90%
A 299.90% growth added to SPX 1010.91 - Primary wave "B" boxed targets SPX 3032.04 which is close to SPX 3050,
considering this is a nine year bull market with well over a 300% growth rate.
The last major coordinate comes from the SPX bottom at 666.79 a growth rate of 361.80% is 2412.44 + 666.79 = SPX 3079.32.
The main Fibonacci coordinate of 3047.33 is bracketed by 3032.04 and 3079.32.
This bracket is the broad target zone for what could be a major SPX peak.
Also note the paralel trend channel from the year 2010. The upper trend line is in the 3100 area. If the SPX does not top in May in the
3032 to 3079 area, the trend line could indicate a higher peak in May 2018 or later.
Mark