Heads Up For Possible SPX Low

The weekly chart in SPX has been helpful recently, with timing once again giving us a heads up for a possible low on this chart.

You can see the cluster of timing cycles that came due the weeks ending 5/13-5/20.  We also had some key price support that showed up on this same chart.  The time symmetry on the weekly chart was also very interesting.   Note that the first swing down on this chart lasted 7 weeks.  The second swing down ended up also being 7 weeks down.  

Timing won't ALWAYS work, but it works often enough that we want to pay attention to it for possible market reversals!  So far we've seen a 285 point rally off these parameters. Now that we're running into some price resistance it's time to ratchet up stops if you are currently long.

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