I want to point out a couple tidbits. First this recent low is still 135 points above the bull / bear line. It is also still about 45 higher than our June low line. You don't have to go back any further than 2015 to find the importance of this level at FOMC prices around that 2114 mark. The new floor or ceiling seems to be around that 2163-2173 pivot. Giving this pivot some wiggle room cause of that 1991-1993 level. Back at the beginning of the year and again around Brexit this was a level I though was very important. I really had no idea it was going to be the secondary low for 2016.
The other thing is the November 2012 low. At 4 years x225 you get that level of 2243 (900+1343). Then of course we have the 80/20 rule I simply cannot ignore along with the infamous 2214. Ahead of FOMC there is still a 90 point range from 1991-2081 that warrants caution. Nearly a year ago this recent low was the high back in November. Gotta respect this FOMC pivot area til it is gone. Even at that it can easily be seen as a bear trap til 2081 is taken out.