Round trip time from fear to greed and back = 22 days

The SPY trendline continues to provide reliable buy and sell signals.  If only we had known this ahead of time we would be insanely rich by now.   Of course this must end, probably pretty soon, but I think it is a beautiful illustration of human psychology.  Click chart to enlarge.

I looked at the trading days between the peaks and the valleys from mid August until now.  My somewhat subjective data is shown below:

Cycles of fear and greed

Timeframe (mode)	Trading Days	Summed days: fear+greed
Mid August --valley to peak  (greed)	9
		12 (valley to valley)
Late August --peak to valley (fear)	3
		17 (peak to peak)
Early September --valley to peak (greed)	14
		21 (valley to valley)
Mid September --peak to valley (fear)	7
		22 (peak to peak)
Early October --valley to peak (greed)	15
		22 (valley to valley)
Mid October --peak to valley (fear)	7
		12 days so far (peak to peak)
Early November  --valley to peak (greed)	5 so far

Some observations:

• As we have all seen, things go down a lot faster than they go up.  In this case about twice as fast
• This fall the full cycle from fear to greed and back again has been around 22 trading days -- about a calendar month.  In this black and white environment -- doom and gloom galore + a raging bull rally, is this our natural rhythm? 
• The cycles have been on the high side part of the cycle when options expire each month. Coincidence?   Certainly a happy alignment for covered call writers like myself. 

As I have said, this trendline must end before too long.  My prediction is that the S&P will hit 1160 and then move into a trading range.  Why 1160?  Because looking at the longterm chart the only reasonable resistance point is at that level -- from back in 2004.   Economically it makes no sense that a trading pattern 5 years ago should matter, but humans look for patterns, experience fear and greed alternately, and trade according.