Updated SPX shorting targets

SP:SPX   Der S&P 500 Index
153 0
My last post noted a potential shorting target in the SPX 2150 area. Today 10/20/16 the SPX declined and looks as if it is forming an Elliott wave Horizontal Triangle. If its complete at 2138.70 this would be the starting point for a post triangle trust up. Usually the thrust is equal to the widest part of the triangle which in this case is 24.60 adding this to 2138.70 targets 2163.30. This is very close to the .618 retrace of the move down from the 2116 high at 2193 to the recent low at 2114.

A lower possible target is in the SPX 2153.90 area which is .618 of the widest part of the triangle added to 2138.70.

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