Unless we reverse for some reason - I don’t see it happening - a low near SPX 1171ish makes sense. This price is a 50% retrace of the 2002-2007 range. A move to 1171 would be a fifth wave down from July 2007. The upside to this is that wave 2 and wave 4 overlapped which means the strength of the move down was not as strong as it could have been.
The 50% time cycle of the move down from May occurs a week from tomorrow and price may head for a retest of SPX 1200 then.
Tags: Elliott Wave Analysis · Standard and Poor's 500 (S&P500)4 Comments
4 responses so far ↓
Andy
I have been 150% short for a week. Please let us know when you see a bounce.
Robert
Will do Robert. The bounce today was on lower volume and I have not changed my opinion yet.
If you get Fib projection 1440-1200
you will get 1050 as 161% target
I say 1000-1100 is reasonable
Serg - could be. My next projection under 1160ish is 1050ish.