My long term SPX forecast top remains at 3050 probably some time in August 2018. Update on long term time forecast will be posted soon.
The reasons for the wave count change are. 1) The proportion of the supposed cycle wave "4" - boxed is too large to be a wave four correction of the rally from February 2016. 2) There is a Fibonacci relationship between the supposed Intermediate waves (1) and (5) Wave (1) growth rate was 35.57% Wave (5) growth rate was 58.71%
35.57/58.71 = .605 which is very close to the Golden Fibonacci ratio of .618.
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