SPX repeating 1987?
SPX hits 4.618 perfectly after a massive 12 year rally .
The question is where does the SPX bottom? , best case scenario we bottom at the 2.618 and worst case the 1.618, we have been here before , we have to go back in time to 1987.
Does it look familiar?, we have a very similar looking price structure. From 1968 to 1974 we created this double top structure with a lower low being made in 1974 only to reverse to the upside for 4600 days before nearly hitting the 4.618 and pullbacking back to the 2.618.
Present day we have the same setup , a double top formation starting from the year 2000 then creating a lower low (red circle) only to reverse to the upside yet again for guess what 4600 days, yet that's right the exact same time.
So if history repeats the SPX 500 has more to go , bringing it down to the 2.618 at 3000 points which would be a total of 37% from all time high. The question is does it then reverse up like 1987 ? or do we continue lower.
If the SPX 500 did in fact make a move lower to the 2.618 or even the 1.618 I really don't know how low Bitcoin would go; it's never gone through a stock market drawdown of this magnitude since it was created in the 2008 real estate crash.
The question is where does the SPX bottom? , best case scenario we bottom at the 2.618 and worst case the 1.618, we have been here before , we have to go back in time to 1987.
Does it look familiar?, we have a very similar looking price structure. From 1968 to 1974 we created this double top structure with a lower low being made in 1974 only to reverse to the upside for 4600 days before nearly hitting the 4.618 and pullbacking back to the 2.618.
Present day we have the same setup , a double top formation starting from the year 2000 then creating a lower low (red circle) only to reverse to the upside yet again for guess what 4600 days, yet that's right the exact same time.
So if history repeats the SPX 500 has more to go , bringing it down to the 2.618 at 3000 points which would be a total of 37% from all time high. The question is does it then reverse up like 1987 ? or do we continue lower.
If the SPX 500 did in fact make a move lower to the 2.618 or even the 1.618 I really don't know how low Bitcoin would go; it's never gone through a stock market drawdown of this magnitude since it was created in the 2008 real estate crash.
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