SPX500 in a Potential Reversal Zone

FX:SPX500   S&P 500 Index
For those familiar with Elliott Wave analysis, a 5-3 wave sequence indicates the direction of the immediate trend. Its a little premature at the moment to identify a clear 5 down/3 up wave sequence, but as traders we do need to bring a little anticipation because by the time we know for sure what the waves are doing, the move is over.

Using fibonacci retracements (blue box) and fibonacci extensions (grey box), we have a 1959-1977 potential reversal zone identified.

The Risk:Reward ratio is fairly tight an anticipating this 5 wave down/3 wave up move. Initial targets (if this is indeed the pattern) would be slightly below August's low with a stop loss just above the July high.
dont worry the fed controle the game i think you need corrections because you going to fast up so the market it keep artificiale by the fomc the forecast is lower in the market very soon after few weeks you will see it 1960 this correct on you chart very soon the market will go down stepby step down ,, first little up to say
sp is starting reversale zone now the next weeks
JWagnerFXTrader pascal.lambrecht.522
Ya, that idea from last year was a bust. A move below 2060 starts to get me interested that a meaningful reversal has occurred.

Do you have technicals on your chart to explain the reversal?
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