An Important Bottom Could be Made on May 17, 2024

Assuming the SPX continues to trend lower an important bottom could be made on 05/17/24.

The bull phase from 01/05/24 to 03/28/24 was 57 trading days multiplied by the Fibonacci ratio of .618 equals 35 trading days. Adding 35 trading days to 03/28/24 targets 05/17/24 for a potential SPX turn.