"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)

Friday, August 31, 2012

SPX - Looking for a minute bottom to bounce....

The correction continues, markets were lower on lighter volume;
next target always in 1390 area, and the second target in 1365 area, where there are two Fibonacci price cluster.
Up to 5 September the market is in a Fibonacci time cluster, but it lacks the completion of the pattern (very unclear) to give it value.
Today important meeting for the Fed summit; Bernanke's words can pushing or freezing the market, .....which may have already considered all.
Have a great trading day..with care!

La correzione prosegue ; prossimo obiettivo sempre in area 1390, e secondo obiettivo in area 1365, dove ci sono due Fibonacci price cluster.
Fino al 5 settembre il mercato è in una zona di Fibonacci time cluster, ma manca il completamento del pattern per dargli valore.
Oggi giornata importante per il summit Fed; le parole di Bernanke possono spingere o gelare il mercato, che forse ha già scontato tutto.
Buon trading...e prudenza!


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