Some things to keep in mind From Wasatch: -->
SPX 1260 for C = 1.618 x A on my count also from September 1st. 1260 (my target) is a 0.382 retrace, and has the added feature of making C a Fib multiple (1.618) of A.
1310 is ~ a 0.5 retrace of the move down
I now think the entire move down from Sept 1 is corrective, similar to the NDX count I posted a couple of days ago, so
either a 0.382 or 0.500 retrace would be ok from an EW standpoint.
1265, close to my target, is a 0.618 retrace of the move from 1380 to 1080. 1316, in your range, is a 0.786 retrace.
Again, either is acceptable, but I think 1260 has more going for it at the moment.
1300 to 1325 have any significance in terms of EW and Fib numbers? The reason I ask is that I think the SPX is
headed back to the low 1300's based on my work with long term levels of support and retracement back to 1/2 way
point in previous drop. 1081 now appears to be a very good short term bottom point. Drop from all time high around
1550 was 470. 1/2 X 470 = 235. 1081 + 235 gives you a value around 1315. Also the 200 day moving average is in the
mid 1300's and dropping. As we rise on the SPX, I wouldn't be the least bit surprised to see it test that 200 day moving
average before the next big drop. I'm very interested to know if this level can be in any way confirmed by E Wave
analysis. Is it some retracemnt value or Fib number that would get us to that level? Just curious.
(Wasatch looking into this). |
