"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, October 26, 2012

SPX - Downtrend with bounces

The index is in a congestion phase (the pattern is not yet decipherable, maybe an irregular, a triangle or a complex) but does not seem to have reached its bearish target.
According to my preferred scenario, SPX is in [b] wave of z wave, and there is at least one other downward movement, even if it is likely a bounce.
Have a great trading day...with care!

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