Progress of SPX Minor Wave 5
Please see my 2/19/17 post SPX Major Top Forecast 2450-2465
In this post I illustrate two long term Fib calculations that target major Fib resistance at
SPX 2454.10 and 2459.30
Recently Minor wave 4 completed a Horizontal Triangle at SPX 2335.10.
When calculating the target for a post Triangle thrust, use the end point not the low point of a H-Triangle - which in this case was SPX 2322.30.
Typically there is a Fib relationship between waves 1 and 5. For the SPX pattern from 2/11/16 the actual high was in June not the orthodox high made in April.
Feb- June rally = 310.00 points x .382 = 118.10 + 2335.10 = 2453.20 very close to the two long term coordinates. More evidence of a major top in the SPX 2450 area.
Two best candidate dates for a major top are 5/1/17 and 5/8/17 more about this later.
Mark
In this post I illustrate two long term Fib calculations that target major Fib resistance at
SPX 2454.10 and 2459.30
Recently Minor wave 4 completed a Horizontal Triangle at SPX 2335.10.
When calculating the target for a post Triangle thrust, use the end point not the low point of a H-Triangle - which in this case was SPX 2322.30.
Typically there is a Fib relationship between waves 1 and 5. For the SPX pattern from 2/11/16 the actual high was in June not the orthodox high made in April.
Feb- June rally = 310.00 points x .382 = 118.10 + 2335.10 = 2453.20 very close to the two long term coordinates. More evidence of a major top in the SPX 2450 area.
Two best candidate dates for a major top are 5/1/17 and 5/8/17 more about this later.
Mark
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