Countless interpretations of 1260 days, 42 months, 3 1/2 years, and time, times and half a time exist.  Most assume that the times indicated relate to one catastrophic tribulation at the end of this age.  They may indeed foretell that for the world speeds towards destruction by its own hands.  One Christian write I refer to as F.B. says,

These time periods (Time, times and a half of a time; 1260 days; Forty-two months) all end with the same spiritual meaning: That is, Christ’s appearing. Either Christ is formed within us, making us a “Son of God” (1260 is the Gematria for the SONS OF GOD) [or he is not formed in us during this time of testing, this time of overcoming]  When we see Him we will be like Him!

In other words the period of time which Scripture designates as 1260 days, 42 months, etc. all represent the same period of time, the time during which the Gospel is preached before Christ establishes his Kingdom.  This makes sense for several reasons.

First, all generations from the time of Christ’s resurrection have believed that they were the terminal generation.  Even Paul believed this of himself.  Second, the two witnesses represented by Moses and Elijah, the Law and the Prophets, have prophesied from that time until now and they have always prophesied “clothed in sackcloth.”  What does this mean?  Sackcloth indicates “mourning.”  No generation of mankind has had true victory in this life.  We have all seen through a glass darkly and we all see truth and prophesy truth only in part.  “Blessed are they who mourn,” says Jesus, “for they shall be comforted.”  They “shall be” comforted sometime in the future, but not now.  Now they must prophesy in sackcloth and, if need be, physically die for their faith.

Finally, after prophesying for 1260 days, or throughout the history of the world, these two witnesses ascend to God in the first resurrection described as follows:

And after three days and an half the Spirit of life from God entered into them, and they stood upon their feet; and great fear fell upon them which saw them. And they heard a great voice from heaven saying unto them, Come up hither. And they ascended up to heaven in a cloud; and their enemies beheld them. (Revelation 11:11-12 KJV)

This Scripture speaks of the first resurrection which Paul describes in 1 Corinthians 15.  This indicates that the 3 and 1/2 days also represent the same time period as the 1260 days.  Thus these two witnesses depict God’s overcomers throughout history.  They fill the pages of Hebrews 11 and countless pages of church history since then.  All of them died without receiving their inheritance.  All of them beheld the celestial city from afar and none of them ruled therein during the days of their wilderness sojourning.

Women received their dead raised to life again: and others were tortured, not accepting deliverance; that they might obtain a better resurrection: And others had trial of cruel mockings and scourgings, yea, moreover of bonds and imprisonment: They were stoned, they were sawn asunder, were tempted, were slain with the sword: they wandered about in sheepskins and goatskins; being destitute, afflicted, tormented; (Of whom the world was not worthy:) they wandered in deserts, and in mountains, and in dens and caves of the earth. And these all, having obtained a good report through faith, received not the promise: God having provided some better thing for us, that they without us should not be made perfect.  (Hebrews 11:35-40 KJV)

But, there exists a final generation of this age, a generation “alive and left” when this “better resurrection” comes.  These transform into immortality directly from mortality.  These become the two witnesses represented by Joshua and Elisha who bring the rest of God’s people into his Kingdom.  These, along with those who died in the streets of Old Jerusalem (Mystery Babylon) preaching God’s truth, will soon rule the world with a rod of iron, God’s Law.

Nevertheless, I still believe that the phrase “1260 days” also refers to a literal period of time, the 42 months or 3 1/2 years of the Great Tribulation.  Leland Earls in his prophetic work concerning the seven trumpets of Revelation says, “The seventh trumpet will continue to blow for 3-1/2 years, during which time the other trumpets will also con­summate their sounding. This will be the period of the great tribulation spoken of in the scriptures (Matt. 24:21). At the close of the tribulation the final blast of the seventh trumpet will sound (I Thess. 4:16) and the dead in Christ shall be raised; then the living saints shall be translated and ‘cau­ght up’ to be with the Lord (I Thess. 4:17). Having received His own the Lord will then return with all of His saints in power and great glory (Matt. 24:30). Then will the ‘king­doms of this world become the kingdoms of the Lord and of his anointed; and he shall reign for the eons.’ (Rev. 11:15).” From Trumpet 7 of The Finished Mystery by J. Leland Earls.