"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)


Thursday, September 6, 2012

SPX - Very close to breakout or breakdown

 MarketWatch —... The next six trading days are full of what traders call “event risk”... That could break currencies and other markets out of their narrow trading ranges. It will be a week to make money — or to lose it. Here’s what’s on tap:
  • Thursday, Sept. 6: Mario Draghi’s press conference. ...                                  
  • Friday, Sept. 7: U.S. nonfarm payrolls report. ...                                  
  • Wednesday, Sept. 12: German constitutional court ruling. ....
  • Wednesday, Sept. 12: Dutch elections. ...                                  
  • Wednesday, Sept. 12: European bank regulations proposal. ...                                  
  • Thursday, Sept. 13: FOMC’s two-day meeting concludes. ...                                  
Stay alert. This could be an interesting week.

I totally agree with MarketWatch.               
Thursday, or in the next days , the market will breakout or breakdown from this trading range and stocks will move higher or lower, maybe even heavily.
 
In the chart I see a triangle; if it breaks up, x wave (or Alt:x) is already complete, while if it breaks down, lacks y wave (or Alt:y) to complete x wave (or Alt:x)

Have a great trading day...with care!!!







1 comment:

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