"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)


Saturday, October 20, 2012

SPX and GOLD

SPX - Short term outlook

Yesterday bad trading day.
My preferred scenario shows signs of cracking: the down move on Friday could be an impulse wave not yet complete, the confirmation is another decline on Monday.
In this case also my first alternative scenario (a doulble three wxyxz) could be wrong and could start a market collapse that requires a new count.
The situation is dangerous, so carefully.
 
SPX hourly chart
SPX 10 m chart
 
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GOLD - Intermediate outlook


Correction continues.
My preferred scenario looks at zig-zag pattern
I'm waiting for a pullback (b minor wave) and then another bearish wave.


Have a great weekend!

ElwaveSurfer

1 comment:

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