SPX - Tonight We're Going To Party Like It's 1987?
Looking at the monthly logarithmic chart of the S&P 500, this chart reflects what would happen if we had a repeat of 1987. Heading up to October 1987, there was a straight line run up of approximately 2 years, then a crash to the 0.5 Fib line quickly in 2 months, where the crash erased the gains of the prior 12 months.
If we extrapolate the same scenario for the S&P 500 for 2018, there was also a straight line run up for approximately 2 years, and if the S&P 500 retraces to its 0.5 Fib line, it would hit 2380 in approximately 2 months, which would also erase roughly 12 months worth of gains from Feb 2017 to Feb 2018.
If we extrapolate the same scenario for the S&P 500 for 2018, there was also a straight line run up for approximately 2 years, and if the S&P 500 retraces to its 0.5 Fib line, it would hit 2380 in approximately 2 months, which would also erase roughly 12 months worth of gains from Feb 2017 to Feb 2018.
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Halfway to target