Looking at gold, a similar zig zag rally was followed by a triangle (shown in circle) leading to a break down to a common fibonacci level, the .382 retracement level.
Finally the SPX. Considering a zig zag look to the rally and a clear triangle, a break down to a fibonacci level was expected.
10/10/2016 a closer look and an elliot wave count for the triangle suggested the pattern was whole in price and time and ready to begin a retracement.
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