78.6% retraces and the 9/12-13 cluster CIT

On 8/26 (http://timeandcycles.blogspot.com/2011/08/786-has-been-ruling.html) and 9/6 (http://timeandcycles.blogspot.com/2011/09/intraday-review-of-make-or-break-day.html) I mentioned that the 78.6% retraces has been turning these markets.

Here we are a couple of weeks later and the markets are close to down channel resistance around 1196 SPX and again right at one of those old 78.6% retraces.

 I had a 9/12 Solar CIT (90%) and a 9/13 double geometric CIT (70-80%) and 9/12 was also a Cycle CIT.  We declined into 9/12 Solar CIT and reversed sharply out of it, making 9/12 an ideal swing Low.

The 2 green vertical lines (click on chart to enlarge) were hourly CITs.

The 1st hourly CIT was an Apex CIT close to the 9/12 intra day Low.

The last hourly CIT was the 1st hour today, which was this morning's 9/14 1st hour Low of the day.