September 7, 2016 Could Be an Important SPX Secondary Peak
My first post on Fibonacci time cycles illustrated that a Fibonacci 144 trading days added to the SPX 1/20/16
bottom targeted the 8/15/16 peak. Adding 144 trading days to the marginally lower 2/11/16 bottom targets 9/7/16 as a possible turn date. Adding a Fibonacci 3 trading days to the last Fibonacci cycle day of 9/1/16 also targets 9/7/16.
On 9/6/16 the NASDAQ made a new 2016 high unconfirmed by the SPX and DJIA which if holds is a very bearish signal.
A break below SPX 9/1/16 bottom at 2157.09 could be very bearish, opening the door to reach SPX 2120 - 2100 zone in one week.
Watch open of 9/7/16 for a possible SPX peak in 2187-2188 area.
Mark
bottom targeted the 8/15/16 peak. Adding 144 trading days to the marginally lower 2/11/16 bottom targets 9/7/16 as a possible turn date. Adding a Fibonacci 3 trading days to the last Fibonacci cycle day of 9/1/16 also targets 9/7/16.
On 9/6/16 the NASDAQ made a new 2016 high unconfirmed by the SPX and DJIA which if holds is a very bearish signal.
A break below SPX 9/1/16 bottom at 2157.09 could be very bearish, opening the door to reach SPX 2120 - 2100 zone in one week.
Watch open of 9/7/16 for a possible SPX peak in 2187-2188 area.
Mark