markrivest
Long

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.

Mark
I think you meant 2230 - 2250 instead of 2130 - 2150.
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markrivest sansarus
Hi

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.

Mark

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