In my 2/19/17 post I noted long term Fibonacci coordinates targeting resistance at 2454.10 and 2459.30, these are derived from SPX price structures two and six years ago. When using long term Fib points allow for leeway- close counts. More exact Fib points will be found on a time frame of one year or less. The shorter term price coordinate measuring Minor wave 1 to 5 is nearly exact.
Time cycles have Minor wave one as equal to Minor wave 5. The supposed Minor wave 5 now counts best as a rare Expanding Diagonal Triangle. This possible turn has the potential to be a major peak that could last for several years. More about this in future posts.
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AlbCM
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so are you saying that 2440 on June 2 was the top?
I have not done any calculations for other possible dates yet. A market hitting a price resistance zone at the same time as a cycle turn date is rare and increases
dramatically the probability a turn would take place.
Lets see if the 6/2/17 high holds, if not then I'll look at other turn dates.
As for price targets there are still the long term coordinates at 2454 and 2459. Even if the time target of 6/2/17 is invalided the SPX still has too punch beyond them.
With long term Fib price targets you need to allow for considerable leeway. A move above SPX 2510 would open the door to SPX 2600 and beyond.
Mark
AlbCM
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@markrivest, in some other charts you were talking about this peak as a major one like Nikkei 1990 or Nasdaq 2000. So if June turns out to be a peak below 2510, are we going to see some higher peaks this year or this is it?
I like to make just one forecast at a time. For several weeks I posted that the SPX would continue to rally and there was strong resistance in the SPX 2450- 2460 area.
I was looking for a usual seasonal peak in May. The SPX came just below major resistance, had a bulls eye hit of a shorter term Fib point just after the end of May with deteriorating momentum
on the daily MACD and RSI. There is also deterioration of stocks making 52-week highs. This is more than enough evidence to suggest the SPX should start declining on 6/5/17.
I will have updates regardless of what happens.
If the SPX moves down as I expect I will be posting a long term multi year forecast for the SPX sometime in June.
@markrivest, your thoughts on market action this week? RUT had an explosive run today...still think we topped or divergences have cleared? thx as always