These are some of the key levels and timing with long term targets..
For the S&P the cluster of Gann squares is up at 3466.00 to 3488.00, if this coincides with the major Gann timing on 8/20 (this can be a few days off) there is a good possibility for a sizable correction. It would have to first get there and even trade above it, then take out the DSP for that day to start. Closing back below the previous all-time high of 3397.50 would be a second negative sign and then we would watch for key retracements to come out to confirm a top is in. Provided there was a turn up there, the longer term target would a 38.2% correction at 2925.00. Another thing to watch for with a turn lower is that the market should start to hold the retracements on top, just as they did for the whole rally up, as marked on the chart. Now as important as the Gann cluster and timing are, a failure to turn from this area and with a couple solid closes above 3488.00, this will give us a new long term target of the next Gann square cluster up between 3914.00 and 3938.00.