This is a follow up to my post two weeks ago, "Other Possible SPX Elliott Wave Counts"
Wave "3" of an Elliott Wave Ending Diagonal Triangle counts as complete at the high made on 2/10/17.
In addition to hitting the rising trend line from the August peak there is significant Fibonacci relationships.
Wave "1" from 2/11/16 to 8/15/16 was 187 calendar days.
Wave "3" from 11/4/16 to 2/10/17 was 99 calendar days.
99/187 = .529 very close to the Fibonacci ratio of .50.
Wave "1" 2193.81 - 1810.10 = 383.71 points.
Wave "3" 2319.23 - 2083.79 = 235.44 points .
235.44/383.71 = .613 almost a perfect .618 Fibonacci ratio.
Wave "1" rally from the low of 1810.10 to the high 2193.81 was 21.19%
Wave "3" rally from the low of 2083.79 to the high 2319.23 was 11.29%
11.29/21.19 = .532 almost the same as the time ratio of .529. Amazing!
Also 2/10/17 was a Full Moon.
If wave "3" has topped a decline should start on 2/13/17.
Estimated time for the decline is two to three weeks.
Minimum price target is SPX 2193.80 because wave "4" of an Ending Diagonal Triangle almost always overlaps into the territory of wave "1"
I will have follow up posts as the situation develops.
Mark
Wave "3" of an Elliott Wave Ending Diagonal Triangle counts as complete at the high made on 2/10/17.
In addition to hitting the rising trend line from the August peak there is significant Fibonacci relationships.
Wave "1" from 2/11/16 to 8/15/16 was 187 calendar days.
Wave "3" from 11/4/16 to 2/10/17 was 99 calendar days.
99/187 = .529 very close to the Fibonacci ratio of .50.
Wave "1" 2193.81 - 1810.10 = 383.71 points.
Wave "3" 2319.23 - 2083.79 = 235.44 points .
235.44/383.71 = .613 almost a perfect .618 Fibonacci ratio.
Wave "1" rally from the low of 1810.10 to the high 2193.81 was 21.19%
Wave "3" rally from the low of 2083.79 to the high 2319.23 was 11.29%
11.29/21.19 = .532 almost the same as the time ratio of .529. Amazing!
Also 2/10/17 was a Full Moon.
If wave "3" has topped a decline should start on 2/13/17.
Estimated time for the decline is two to three weeks.
Minimum price target is SPX 2193.80 because wave "4" of an Ending Diagonal Triangle almost always overlaps into the territory of wave "1"
I will have follow up posts as the situation develops.
Mark