On 12/30/16 the SPX bottomed at 2233.60 in the area of three Fibonacci coordinates.
.236 retrace of the rally from 11/3/16 at 2083.80 to 2277.50 = 2231.80
.50 retrace of the rally from 12/1/16 at 2187.40 to 2277.50 = 2232.40
wave (II) to .b is a near perfect 1.382 ratio to wave (I)
Additionally, both the 15 minute RSI and MACD have bullish divergences.
The best wave count has an Elliott wave Expanding Flat forming. *see page 47 of "Elliott Wave Principle"
Upside target zone is SPX 2254 to 2258.
Three Fibonacci coordinates is powerful support and will take a powerful move down to break.
If at any time during trading 1/3/17, the SPX goes below 2230 it will open the door to at least a 20 point move down either on 1/3/17 or 1/4/17.
Mark
.236 retrace of the rally from 11/3/16 at 2083.80 to 2277.50 = 2231.80
.50 retrace of the rally from 12/1/16 at 2187.40 to 2277.50 = 2232.40
wave (II) to .b is a near perfect 1.382 ratio to wave (I)
Additionally, both the 15 minute RSI and MACD have bullish divergences.
The best wave count has an Elliott wave Expanding Flat forming. *see page 47 of "Elliott Wave Principle"
Upside target zone is SPX 2254 to 2258.
Three Fibonacci coordinates is powerful support and will take a powerful move down to break.
If at any time during trading 1/3/17, the SPX goes below 2230 it will open the door to at least a 20 point move down either on 1/3/17 or 1/4/17.
Mark