The SPX decline into the Fibonacci target zone of 2116-2103 can still happen as long as 2187.94 is not broken. A move above that level would open the door for a move up 2200.
The Fibonacci time target of a bottom on 9/1/16 is in doubt because it required a large SPX decline today 8/29/16.
There is a very good chance the decline will continue on 8/30/16 because of some significant clues given today.
First clue came from NASDAQ which has been the lead index for several weeks. It was the last of the three main US stock indices to make a new 2016 on August 23 unconfirmed by the SPX and DJIA. Today NASDAQ was the weakest index retracing less of its recent decline relative to the SPX. Then late in the day it decline more relative to the SPX.
The second clue came from the SPX late day rally attempt which was weak and choppy. There is a high probability
that the SPX will gap down on the open of 8/30/16 of what could be the start of a large down day.
Mark
The Fibonacci time target of a bottom on 9/1/16 is in doubt because it required a large SPX decline today 8/29/16.
There is a very good chance the decline will continue on 8/30/16 because of some significant clues given today.
First clue came from NASDAQ which has been the lead index for several weeks. It was the last of the three main US stock indices to make a new 2016 on August 23 unconfirmed by the SPX and DJIA. Today NASDAQ was the weakest index retracing less of its recent decline relative to the SPX. Then late in the day it decline more relative to the SPX.
The second clue came from the SPX late day rally attempt which was weak and choppy. There is a high probability
that the SPX will gap down on the open of 8/30/16 of what could be the start of a large down day.
Mark