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I'm still looking for lower SPX target. We may go to SPX 1210-1216 first, rally nicely before we head to SPX 1170. There is a rally (great shorting opportunity ???) going on in the future market but it has stalled at the 61.8%. The rally has to break the 78.6% before I turned short term bullish...

Speaking of timing and strictly SPX, July 18, 2006 was a secondary low+1 year we got July 16, 2007 High + 1 year we should get MUP July 14/15th low of 1222 and maybe lower. Low, high, low based on 1 year cycle.

I think we should first retrace at to 50% to 55% of the drop from SPX 1277 to SPX 1237.44 which should get us to SPX 1258-1259.

I have enjoyed reading your posts for the past few days. I'm very impressed and will contribute to this site whenever possible. I'm a position trader and use Fib, Elliot wave, astrology, etc.. For the low that I'm expecting to materialize in the next few weeks is SPX 1170.