In my first post I noted a Fibonacci time cycle due on 09/01/16 which also happens to be a new moon.
Todays post examines two Fibonacci price coordinates that indicate a zone for a likely correction bottom.
A Fibonacci .236 retrace of the entire bull move from February 11th to August 15th targets SPX 2103.26
A Fibonacci .382 retrace of the move up from the June 27th bottom to August 15th targets SPX 2116.59 giving a broad target zone of 2120 to 2100.
The wild trading moves on 08/26/16 took out an important double bottom in the SPX 2169 area, this opens the door for more downside action very soon.
September 1st is still the most likely day for a bottom.
I will have follow up posts on this subject later this week.
Mark
Todays post examines two Fibonacci price coordinates that indicate a zone for a likely correction bottom.
A Fibonacci .236 retrace of the entire bull move from February 11th to August 15th targets SPX 2103.26
A Fibonacci .382 retrace of the move up from the June 27th bottom to August 15th targets SPX 2116.59 giving a broad target zone of 2120 to 2100.
The wild trading moves on 08/26/16 took out an important double bottom in the SPX 2169 area, this opens the door for more downside action very soon.
September 1st is still the most likely day for a bottom.
I will have follow up posts on this subject later this week.
Mark