While we wait to see whether 1370.6 will hold or not I will change my focus to “time”. Gann said that this was most important. To start I will present a quick, simple idea.
Time is indeed the most important and Fibonacci is the key. As most know, 2.618 is an important Fibonacci number. In terms of time, this means that 26, 261/262, and 2618 time periods are also important. If you look at the cash S&P500 chart the time interval from the October 2002 low until the October 2007 high was not only a Fibonacci five years but also 261 weeks.
In my next few postings I will focus more on time relationships in building Elliott Wave counts.
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