Since early 2018 my SPX Forecast for a major resistance zone has been SPX 3047. Evidence is mounting that 3047 could be exceeded. The latest example of bullish evidence came this week when the SPX made a new all-time highs. The NYSE new 52 week highs reached the highest level since the last significant bottom made in late 2018. Several days before this the NYSE A/D Line made a new all-time high. Internal momentum is confirming the SPX new all-time high.
Primary wave "1" - boxed had a gain of 82.9%. Wave fives are usually related to wave ones by equality 100% or 50%.
50% of Primary wave "1" is 41.4% a 41.4% gain from the supposed Primary wave "4" targets SPX 3318.10.
The late 2018 SPX decline was 594.30 points, multiplied by the Fibonacci extension ratio of 1.618 equals 961.60 added to the Primary "4" bottom 2346.60 equals 3308.20.
If the SPX can exceed 3047 the next resistance zone is in the low 3300 area. Time target late August to early September 2019.
Please see my recent post on the Analogy between the SPX in 1987 and 2019.
Mark
Primary wave "1" - boxed had a gain of 82.9%. Wave fives are usually related to wave ones by equality 100% or 50%.
50% of Primary wave "1" is 41.4% a 41.4% gain from the supposed Primary wave "4" targets SPX 3318.10.
The late 2018 SPX decline was 594.30 points, multiplied by the Fibonacci extension ratio of 1.618 equals 961.60 added to the Primary "4" bottom 2346.60 equals 3308.20.
If the SPX can exceed 3047 the next resistance zone is in the low 3300 area. Time target late August to early September 2019.
Please see my recent post on the Analogy between the SPX in 1987 and 2019.
Mark