$SPX: Two Patterns in Play

FX:SPX500   S&P 500 Index
66 0 2
We could be working on two patterns, the first is an ABCD which could take us to 34 where X=A; A=B; B=C; and C=D. The general rule is that A to B must equal C to D which could take us down to 2034.

An alternative is for C to D to equal .618 of A to B or about 29 points which is exactly what is in place. 83-54= 29 (A to B is around 47 points). Given price behavior, I think the market is taking this to be the case.

In either case, it could take prices up to the 2088 area and, in the course of doing so, form a beautiful bearish Gartley which could give us a nice ride to new lows or a retest of recent lows.

The only thing that might ruin this pretty picture is failure at around 2074 as various calculations suggest this area will be tough to navigate.

In any event, I expect a ride up followed by a drive down.
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