Geofftv1
Short

SPX - Weekly chart, possible top at 2610.

SPCFD:SPX   S&P 500 Index
This chart suggests a top in SPX at 2610 soon, where wave 5 = 0.618 wave 1. Trendlines from waves 2 to 4 and projected from wave 3 intersect this point.
Good Luck
Comment: This 1 Hour chart shows the labelling for this final wave which is now underway. Extending the blue trendline touching waves 2 to 4 and projected from wave 3 gives a final level of around 2610 sometime around 9th Nov. However events may change this and a good entry point will be a solid break of the lower blue trendline.

Comments

Well done for identifying the likely triangle at circle 4. Hardly anyone has seen that. And yes it looks like a five up is developing after that triangle.
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Geofftv1 kunsan
@kunsan, Thanks, sometimes triangles are difficult to spot! I think we are at or very near the top now, next week should tell!
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Thanks Geoff, I'm currently reading 'View from the top of the Grand Supercycle' (Prechter).
It's a good read if you get the chance as it explains his thought process leading up to the 2000 market top, explaining what worked and what failed to work at that time.
A real insight into his thought process, it's a great book!
I wonder if the Bank of England interest rate decision may affect the FTSE if they decide to raise rates in November, one to watch.

Paul
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Geofftv1 Chiefstorm
@Chiefstorm, thanks Paul, I'll take a look at thismmi have read Prechters conquer the crash which also covers this area, great read.regarding FTSE my thoughts are that the US markets have a large influence, if they fall FTSE will fall.
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