"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, September 21, 2012

SPX - The bottom of minute degree has occured?

Yesterday, the bearish move in opening session brought the index to just 5 points from the black area of yellow rectangle, that's a Fibonacci price and time clusters (see last post).
According to my preferred scenario (60% probability), SPX did not appear yet reached a bottom corresponding to a pivotal point of minute degree (x wave) , because the pattern's structure doesn't seem complete, while the alternate scenario (40% probability) already indicates the reversal and the start of a new minor upwave.
I wait to open long positions.
Have a great trading day...with care!

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