SPX to crest over 3k and then down
Updated
3045 is the magic number. This represents a 2.618 advancement from the 2009 low.
The 4.618 is 3953 so good chance we see 2500 and even 2100 before we see 4000.
My prediction is as follows:
SPX reaches and breaches 3000. Maybe gets as high as 3150 before pull back begins.
Green box - 2870 or so is short target #1
From here we will need to see what the market looks like, but if the trade war hasn't yet been resolved, the yellow and orange boxes can come into play.
The 4.618 is 3953 so good chance we see 2500 and even 2100 before we see 4000.
My prediction is as follows:
SPX reaches and breaches 3000. Maybe gets as high as 3150 before pull back begins.
Green box - 2870 or so is short target #1
From here we will need to see what the market looks like, but if the trade war hasn't yet been resolved, the yellow and orange boxes can come into play.
Note
So far, this ideal has been pretty accurate.SPX crossed over 3k and is now back below the 3k mark. Price has not yet hit the Fibonacci advancement target of 3045 but it has gotten "pretty close".
Price has declined following (what else) presidential tweets yesterday that a US/China trade deal is still a long way off.
From here, price could decline to around 2940 by the next Fed meeting where the market expects a rate cut.
A rate cut along will likely provide the catalyst needed to send SPX back over 3k and hit 3045 but if combined with positive trade news or a significant cut (Say .50% or greater) we could have the required catalyst to reach 3309.
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