SPX price and time targets hit on 9/14/16 - Top expected 10/3/16

INDEX:SPX   S&P 500 Index
108 2 4
My post on 9/12/16 noted a Fibonacci time cycle due on 9/14/16
My post on 9/13/16 noted Fibonacci price targets at SPX             2103 and 2116.

On 9/14/16 the SPX             hit 2119.90 marginally above the bottom made on 9/9/16 and only 3 points above the higher
Fibonacci price target at 2116. The subsequent move up has been decisive and strongly implies a new rally has begun.

The bull move up from the 2/11/16 bottom appears to be taking the form of an Elliott wave Ending Diagonal Triangle.
This is a termination pattern and is very bearish in a rising market.
If the Fibonacci time cycle that has been in effect since 4/20/16 is still working, the next most likely place for a turn would be 13 trading days after 9/14/16 which is 10/3/16.

Typically wave "5" of an impulse wave has a Fibonacci relation to wave "1" which in this case is the February to June rally. This was 310.45 points x .382 = 118.59 + 2119.12 wave "4" low = 2237.71
Wave "3" the June to August rally was 202.13 points x .618 = 124.91 + 2119.12 = 2244.03

If the time and price targets are reached the subsequent decline could be very bearish .
I will have follow up posts as the situation develops.

5 months ago
I think you meant 2230 - 2250 instead of 2130 - 2150.
markrivest sansarus
5 months ago

Thanks for letting me know about that mistake. I saw the typo after I sent in the post and subsequently posted a new chart with the corrected prices.


Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out