$$ Fibonacci in the S&P

The S&P made an all-time high on October 11, 2007 at 1577. The October 2007 high close was 1565. On March 6, 2009, the S&P bottomed at 667 with a low close of 677 on March 9, 2009.

A 61.8% retracement of 1577 to 667 is 1229. 61.8% of 1565 to 677 is 1226.

We recently reached a high of 1220 in the S&P on April 26, 2010, and a high close of 1217 on April 23, both of which are spitting distance from completing the 61.8% retracement.

For several months, Terry Laundry has forecast a May 20, 2010 interim top in the stock market, followed by a decline into June, and a subsequent final rally to August 26 to conclude the upswing that began in March of 2009.

Today, the S&P closed down at 1174. With May 20th only 12 trading days away, it's looking like if Terry's May 20 forecast is accurate at all, the best we can probably hope for is double top (compared to the late April peak) or a token new high at the Fibonacci 1225-1230 level.