Using the lowest monthly close from the 1987 lows as a starting point, the 2000 and 2007 highs were pointed out with the 23.6 and 38.2 fib time cycle. Currently the 50% fib time cycle is pointing to an inflection point for December 2013. By no means am I calling a top, since inflection points can signal a continuation of the trend. Only price and time will tell us whats happening. The SPX has a target off the 2009 lows up at the 0.272 fib extension at 1906. With three double pomo days in December who knows what price will do. I will admit price is becoming euphoric.