"All human activities have three distinctive features: pattern, time and ratio - all of which observe the Fibonacci Summation Series" (R.N. Elliott - "Nature's Law - the Secret of the Universe" - 1946)

Wednesday, March 14, 2012

SPX - New rally in progress

(Updated in the night).
In my post of Febraury 27 I wrote: However, the 1370-1375 levels can be a pivot point (as Jesse Livermore said "the line of the least resistance") and if so, the market could accelerates (but I don't think so), or be a reversal point or the beginning of a congestion.
Only after yesterday it's possible to say that the top has been, probably, a pivot point of minute degree
Given the sharp breakout, the alternative count becomes the preferred count.
New rally in progress with price target at least in 1440 area, next 1560.
I open long position on 10 m stochastic pullback in oversold zone.
Have a great trading day ... with care!

(Aggiornato stanotte)
Solo dopo ieri è possibile dire che il top è stato, probabilmente, di grado minute e un pivot (vedi il post del 27 Febbraio). Considerata la forza del breakout, il conteggio alternativo diventa il preferito.
Apro posizioni al rialzo sul pullback dello stocastico a 10 minuti in ipervenduto.
Buon trading...e prudenza!

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