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Major SPX peak could be reached in early September

SPCFD:SPX   S&P 500 Index
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There was a Fibonacci time target due on 9/1/16 which was illustrated in my first post. The SPX has made at least a short term bottom on 9/1/16, The Fibonacci price target was SPX 2120-2100. The bottom on 91/16 was at 2157 no where near the price zone. I expected that a decline into 9/1/16 could be an Elliott wave "4" from the 02/11/16 bottom.
While the 8/15 to 9/1 decline was shallow it was very choppy, which is characteristic of corrections and did hit the time target. September - October are seasonally bearish . S&P 500 futures latest Commitment of traders report shows that the Commercials have their largest short position in over a year.
A wave "5" rally may have begun, if there is a wave "5" it may not last very long and may not go beyond SPX 2200.

There is a high probability that the SPX could reach a major peak in a few trading days near SPX 2200.
If the SPX does not make a new 2016 high a break below SPX 2157 will open the door for a decline to at least SPX 2120.

Mark

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