The recent SPX rally from 8/29/17 has been relentless and has blasted through three resistance areas- now appears to be on track to make a new all-time high.
The SPX pattern from 6/19/17 to 8/29/17 looks very much like an Elliott wave - Horizontal Triangle.
After the completion of these structures there is a post triangle trust in the direction of the main trend.
The rally from 8/29/17 looks like a classic post triangle thrust up.
If the SPX can move above the current all-time high at 2490.90 it will likely trigger stop loss orders.
Target zone for what could be a major peak is 2191 to 2195
Target day 9/5/17.
If the SPX does top in this price and time zone the most likely result is a mini crash down to the SPX 2130 area.
New time estimate for possible mini crash bottom is in mid October.
Mark
The SPX pattern from 6/19/17 to 8/29/17 looks very much like an Elliott wave - Horizontal Triangle.
After the completion of these structures there is a post triangle trust in the direction of the main trend.
The rally from 8/29/17 looks like a classic post triangle thrust up.
If the SPX can move above the current all-time high at 2490.90 it will likely trigger stop loss orders.
Target zone for what could be a major peak is 2191 to 2195
Target day 9/5/17.
If the SPX does top in this price and time zone the most likely result is a mini crash down to the SPX 2130 area.
New time estimate for possible mini crash bottom is in mid October.
Mark