$SPX Long Term Chart 

If the market is indeed setting up to rollover off this year's top, I would suggest the 1575 area as the first target. It is the 38.2% retrace of the entire 2009-2015 wedge, which the retracement level that we saw off the 2009-2011 wedge. It would also be a support level off the 2000 & 2007 highs. Also, those two lines intersect with what I've termed "the crash line" early next year around this level. Note that green trend line that goes back to 1987 has either marked important bottoms or levels where plunges let go.


Note, not "not". 8/23/15
Rev reversion - back to your old ways? 8/23/15