Stock Market Seatbelts Buckled?
Stock-Markets / Stock Markets 2016 Sep 16, 2016 - 09:11 AM GMTSPX continued its retracement to the 76.78% retracement level, very close to the 78.6% Fib retracement. The stopper appears to be the lower trendline of the Orthodox Broadening Top. This potentially adds validity to the formation and indicates a panic decline to its Average Target.
The average decline from the bottom trendline is 23%, while the majority of those declines are usually 20% or more.
The Cycles Model suggests the decline may find its low between Monday, September 19 and Wednesday September 21.
To be sure, the larger Orthodox Broadening Top may still be at work. Its initial target appears to be near 1870.00. However, both formations foretell a much deeper decline coming in October.
The current Wave structure indicates a wind-up for a pretty serious decline.
Regards,
Tony
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