S&P Close To Reversal?

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Using Fibonacci Time Zones in current market conditions proved to be reasonable. Oct 23th and Dec 20th 2011 market bottoms were correctly marked by Fibbo lines 2 and 3. According to the projections next turning point should be around Feb 11th . In the next few days we are going to see if this is the case.
More of Fibonacci Time Zones Predictive Power:
Are you still expecting up trend? What is your opinion on this?
CapitalHubs charttrader
Considering recent rally there should be market correction, but mild one. Mentioned by you chart shows bearish scenario with recession in US, which is not likely. As shown above my S&P target for 2012 remains in 1420-1450 area.
The above assumptions are based on following pattern:
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