markrivest

SPX on path for correction bottom 2100-2120 on 09/01/16

INDEX:SPX   S&P 500 Index
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In my first post I noted a Fibonacci time cycle due on 09/01/16 which also happens to be a new moon.
Todays post examines two Fibonacci price coordinates that indicate a zone for a likely correction bottom.
A Fibonacci .236 retrace of the entire bull move from February 11th to August 15th targets SPX             2103.26
A Fibonacci .382 retrace of the move up from the June 27th bottom to August 15th targets SPX             2116.59 giving a broad target zone of 2120 to 2100.
The wild trading moves on 08/26/16 took out an important double bottom in the SPX             2169 area, this opens the door for more downside action very soon.
September 1st is still the most likely day for a bottom.
I will have follow up posts on this subject later this week.

Mark
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