If SPX does reverse soon, as I’m expecting, 1290 looks like a good level for the market to peak at.
Notice in the chart above that not only is 1290 the level where Wave-C = .5*Wave-A, it is also the exact level where Wave-v of Wave-C = Wave-i of Wave-C. These tight Fibonacci correlations lend support to the idea that the market will top out around 1290.
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I would rather invest in an exchange traded fund that concentrates is holdings in a narrow sector like nuclear energy that much out of favor than in a broadly based index like the standard and poors five hundred.
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