Today 12/13/16 the SPX moved above the Fibonacci cluster at 2258, 2261 and 2267. The next Fibonacci coordinate is extremely important because if the SPX moves above this point it will be very bullish.
The Fibonacci point is SPX 2285.92. Please see my SPX daily chart posted 12/12/16. Illustrated is a wave "2" at June 27th bottom and wave "3" top at August 15th. This suppose wave "3" is shorter than wave "1" which went from February to June. In Elliott rules, wave "3" can never be the shortest.
Wave "3" = 202.13 + 2083.79 wave "4" = 2285.92. This is the maximum point for wave "5" for the supposed Ending Diagonal Triangle that began on 2/11/16.
The 15 minute SPX chart show three waves up complete from the 12/1/16 bottom. The fourth wave down may still be under construction. The final fifth wave up may rally into the FOMC announcement at 2:00 PM - ET.
Occasionally important market turns have come just after FOMC announcements. *(see SPX on 12/12/07).
Watch the rising trend line from April and August tops - its at SPX 2280 it could be a stopping point for the current bull run. Also watch for DJIA 20,000 it may also be a topping signal.
Mark
The Fibonacci point is SPX 2285.92. Please see my SPX daily chart posted 12/12/16. Illustrated is a wave "2" at June 27th bottom and wave "3" top at August 15th. This suppose wave "3" is shorter than wave "1" which went from February to June. In Elliott rules, wave "3" can never be the shortest.
Wave "3" = 202.13 + 2083.79 wave "4" = 2285.92. This is the maximum point for wave "5" for the supposed Ending Diagonal Triangle that began on 2/11/16.
The 15 minute SPX chart show three waves up complete from the 12/1/16 bottom. The fourth wave down may still be under construction. The final fifth wave up may rally into the FOMC announcement at 2:00 PM - ET.
Occasionally important market turns have come just after FOMC announcements. *(see SPX on 12/12/07).
Watch the rising trend line from April and August tops - its at SPX 2280 it could be a stopping point for the current bull run. Also watch for DJIA 20,000 it may also be a topping signal.
Mark