Catching The SPX Low

We had a nice time/price decision in the SPX this past week.  This was a two-step pattern with support coming in at the 3844.38-3858.19 area and that included a .50% retracement, 1.618 extension and 100% projection. We had timing cycles for a possible low on 3/24-25.

We ended up making the low directly into these parameters at 3853.50.  Since then we've seen a rally of 84.80 from the 3/25 low.  The potential for higher prices comes in at target 1 at the 4019 area if we can continue to clear the hurdles on the way up.  The next hurdle is 3955.97.  

Since we've already had a rather healthy rally, we are trailing up stops on longs.

Carolyn Boroden, who is renowned for her expertise in Fibonacci price and timing analysis, hosts the Fibonacci Market Analysis service at ElliottWaveTrader.