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In my 9/6/16 post I noted a Fibonacci time cycle due on 9/7/16 and a possible secondary high at SPX             2187-2188 near the open. The target was achieved one hour into the trading day then declined about 8 points followed by a rally in the second half of the day almost back to the high of the day. That the SPX             could retrace so much of the decline is a clue that the bulls may still be in control. What happen on the Dow Jones Transportation Average (DJTA) was an even stronger clue of bullishness, with this index rallying 1.2 %. If a significant decline was about to begin its doubtful the DJTA could have such a big move up.

The DJTA from its all-time high in 2014 declined in a Elliott five wave pattern and appears to be in later stage of a three wave counter trend up to the . 618 retracement of the entire bear market. Confirmation that wave (C) could be complete would be a move above the (A) wave peak at DJTA 8149 only 92 points away, it could reach that level in one or two trading days. The next Fibonacci time cycle comes 9/9/16 which is 5 trading days after the last Fibonacci turn date on 9/1/16.

If the DJTA can reach 8149 it may coincide with an SPX             possible top in the 2200 area.
*** On the DJTA chart I mistakenly left the label (B) off the June 2016 DJTA bottom, sorry for any confusion.
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