Today GDP reported accelerating for 6Qs in a row 2.5% YOY. Most likely to continue accelerating into mid 2018 before peaking. Which implies any correction is a buy into summer
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It does appear a similar fractal to Aug 2010/Feb 2011. If correct then market should reverse in Feb into Mar
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Actually into Spring SPX could go as high as 3050
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So if u remember, 2135 major top in Spring 2015 was 1.618 FIB extension of 2007 high/2009 low which caused the multimonth bear cycle into Feb 2016. The next significant extension comes at 3045 which is 2.618 FIB which i currently expect to see this Spring similar to 2015. Currently BTW sentiment/positioning are approaching very bullish (not there yet) but in the next 1/2 weeks we should be going into potential topping period at least from a tactical perspective (say 5/7% decline) before up into Spring IMHO
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Good start
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Lets see whether this develops into a sharp zigzag into later Feb/early Mar
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That escalated quickly
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Target has been reached.
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I am thinking this plays similar to May 2015/Feb 2016 fractal but on a lower degree. So now we in August 2015. If correct, then we should have some solid bounce this week. If not then Aug 2011 is the alternate
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Solid correction so far as bulls have been asleep at the wheel