Within any impulsive Elliott five wave pattern there's usually a relationship between waves "one" and "five"
The SPX from 2/11/16 the actual top of Minor wave "1" had a growth rate of 17.15% multiplied by .382 = a growth rate of 6.55% Adding 6.55% to the bottom of Minor wave "4" at 2417.35 targets minor wave "5" at 2575.68 the actual high on 10/20/17 was 2575.44
The buying panic spike on 3/1/17 marks the exact nexus point for a perfect Fibonacci Golden Section from 2/11/16 that targets 10/20/17 as the termination point.
As a bonus it's 233 calendar days from 3/1/17 to 10/20/17. 233 is the 13th number in the Fibonacci sequence. The sequence is as follows - (1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144, 233, 377, to infinity).
This amazing combination of Fibonacci price and time coordinates implies that 10/20/17 could be a very important top.
I believe SPX has finally topped tho, expecting price re-discovery of $2200 and below just as tech stocks are starting to turn bearish it is time for the market and amazon to take a dive
Chiefstorm
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Very nice work Mark.
Paul
Axeas
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Hello Mark, With this nice configuration could we keep in target the strong support (and panic point) of 2322.13 that you have defined in August 28? Thanks. Axeas
The SPX rally since 8/21/17 has changed the panic point. I will have a detailed post later today discussing SPX support areas.
Mark
Axeas
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@markrivest, Ok, I'll see that tomorrow. Thanks a lot.
SF
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Hi Mark,
Thank you so much for all of your analyses! I'm learning a lot from them!
I'm new to the Elliott Wave Theory, and I was wondering: How would you interpret Minor wave 2 when it comes to corrective patterns?
I'm asking because I would say it is an expanded flat. If you agree with me, does Wave B of the expanded flat than count as the "actual top" of Minor wave 1?
-SF
markrivest
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Hi @SF,
Minor wave 2 is not an Expanding Flat because wave "C" doesn't sub divide into five waves.
Minor wave "2" is a Combination wave ***see page 53 figure 1-48 of "The Elliott Wave Principle"
All three sub waves of the structure sub divide into zigzag's. In the case of Minor wave "2" sub wave "x" exceeds the point of origin of the entire structures.