The market is like a dynamic puzzle with more pieces falling into place each day. Finally, with some tweaking required, I am confident that all of the pieces are in place to calculate the top target. In my opinion, Friday's 1291 $SPX low will hold!
Here is the math:
1219.80 April 26, 2010 high - 666.79 March 6, 2009 low = 553.01 $SPX points
553.01 points X .618 Fibonacci = 341.76 points
1010.91 July 1, 2010 low + 341.76 points = 1352.67 Target
The Fibonacci's also indicate the same target calculated another way:
1332.28 March 3, 2011 high - 1294.26 Feb 24, 2011 low = 38.02 $SPX points
38.02 points X 1.618 Fibonacci = 61.51 points
1291.99 March 11, 2010 low + 61.51 points = 1353.50 Target
Both calculations indicate a top target for $SPX ~ 1352.
There is nicely balanced symmetry on both sides of the cycle line.
Financials are stronger with a higher low (near double bottom) contrasting $SPX with a lower low versus Feb 24th low. The stronger Financials are also confirming a move higher in the short term. The same is true of Small Caps $RUT with a higher low as well.
The short term charts and cycles are very bullish indicating a spike move up (do not forget that the bigger picture is extremely bearish!).